Employer Tax Credit
WHAT ARE TAX CREDITS FOR HIRING?
One of the most commonly overlooked ways to bring profitability into your business comes from accessing the Work Opportunity Tax Credit (WOTC). Many of the companies we talk with are, at best, only vaguely aware of this credit. In many cases they gave up on the program due to it being too difficult to administer.
This credit is easy to access when you have the help of a National Policy expert at Protac Service. These credits are potentially very significant if you are a company that hires a lot of employees (and many do!). We also advise smaller companies to contact us to see how we can help them gain this tax credit. At Protac Service we do 95% of the work to get it for you.
WHY ARE THERE TAX CREDITS FOR HIRING?
The Federal Government uses this Tax Credit to encourage employers to hire employees from the following targeted groups listed below. The government designed these programs to help people move closer to self-sufficiency.
ELIGIBLE TARGETED GROUPS, AND MAXIMUM AMOUNT:
Short-Term Recipients of Temporary Assistance to Needy Families (TANF) - $2,400
Veterans - $2,400 - $9,600
Ex-Felon - $2,400
Designated Community Resident (DCR) - $2,400
Vocational Rehabilitation Referral - $2,400
Summer Youth - $1,200
Supplemental Nutrition Assistance Program (SNAP) Recipient (aka Food Stamps) - $2,400
Supplemental Security Income (SSI) Recipient - $2,400
Long-Term Family Assistance Recipient - $9,000
Long-Term Unemployed - $2,400
As well there are some states and local governments that offer other tax credits, i. e. companies in rural areas, companies hiring youths. Please contact us to see if you could benefit from these credits.
