If you are an employer and don’t know about WOTC, you may be doing a huge disservice to yourself. There is a tax credit out there that many employers do not take advantage of simply because they don’t know it exists.
Have you made any new hires recently? If you have or are planning to, you need to familiarize yourself with the WOTC. In short, the tax credit is available when an employer hires from certain target groups:
- Long-Term or Short-Term Temporary Assistance for Needy Families Recipient
- Supplemental Nutrition Assistance Program Recipient (Food Stamps)
- Designated Community Resident
- Vocational Rehabilitation Referral
- Supplemental Security Income Recipient
- Summer Youth Employee
The tax credits can range from $750.00 all the way up to $9,600.00. There are a lot of little nuances that determines the amount, however, I won’t bore you with details. If your search WTOC there is a lot of great materials out there to explain. Now, if you think you may qualify, reach out to your accountant or your PEO. They should be able to help you through the process.