Hiring Veterans is not only good for your business and bottom line, it’s the right thing to do. And now there is good news: the Work Opportunity Tax Credit (WOTC), a federal tax credit available to employers for hiring veterans, has been renewed through August 31, 2018! There is no limit on the number of individuals an employer can hire to qualify to claim the tax credit.
Veteran employees have expertise in occupational specialties across the board. Veterans bring a great deal to the workplace including discipline and a superior work ethic. Military Connection is a Top 100 Employment Web Site and can connect you with this excellent audience of candidates from the Veteran community.
The tax credit employers can claim depends upon the target group of the individual hired, the wages paid to that individual in the first year of employment, and the number of hours that individual worked. There is also a maximum tax credit that can be earned.
Employers generally can earn a tax credit equal to 25% or 40% of a new employee’s first-year wages, up to the maximum for the target group to which the employee belongs. Employers will earn 25% if the employee works at least 120 hours and 40% if the employee works at least 400 hours.
Here are important forms and deadlines: