Work Opportunity Tax Credit – WOTC
The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to businesses like yours that hire certain target groups who face significant barriers seeking employment opportunities.
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Expanded WOT Credit Through 2019
- Maximum credit of $9,600 per qualifying employee
- Employees who work a minimum of 120 hours in 1 year qualify
- S-Corps, LLCs, C-Corps qualify
- Reduces your income tax liability
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The purpose of the program is to help individuals move from government dependency to self-sufficient tax payers who contribute and pay income taxes.
Businesses can receive a tax credit to reduce your federal tax liability by hiring individuals such as those within the target groups.
Target groups include:
- Those who receive social assistance benefits and live with family who receive benefits
- Veterans
- Long term unemployed individuals.
To learn more about how the WOTC can help your business, please contact us today!