This is NOT a tax write-off. It’s a TAX CREDIT available for positions you fill.
If you are not aware of this program, then you are not using it. Your tax professional is not doing this without your knowledge and most tax professionals do not have the personnel, nor the expertise, to chase down these dollars for you!
WE DO! And we have been doing it for years!
WOTC is a Federal tax credit created by the Small Business Job Protection Act of 1996 and the Welfare-to-Work Tax Credit of 1996. This credit is available to employers who hire and retain from target groups. Employers claim about $1 billion in tax credits each year under the WOTC program. There is no limit on the number of individuals an employer can hire to qualify to claim the tax credit, and there are a few simple steps to follow to apply for WOTC.
What Types of Employees Qualify?
- TANF Recipients
- SNAP (Food Stamp) Recipients
- Designated Community Residents (living in Empowerment Zones or Rural Renewal Counties)
- Vocational Rehabilitation Referral
- Supplemental Security Income Recipients
- Summer Youth Employee (living in Empowerment Zones)
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. The average benefit per employee is $2,400.00.
Does my Company Qualify for WOTC?
The best way to know is by getting on the phone with me. I will walk you through a few questions that will allow me to determine if WOTC would be a good opportunity for you or not. The short answer is this: If your business pays income taxes and hires employees, there is a VERY HIGH possibility that you qualify.
You could be passing up thousands of dollars in tax credits that you could easily qualify for.
If you think your CPA is handling this? Most Likely NOT!
Call me today and let me help you get this easy & simple program in place for your business! We do all of the paperwork and follow-up and you reap the benefits!
Ray Alkalai, Cost Recovery Consultant 612-217-0157 or firstname.lastname@example.org