Second Chance to Claim Often Overlooked Tax Credit...But Expiring Soon
One tax break often overlooked is the Work Opportunity Tax Credit (WOTC). The WOTC has been around for years but many businesses are not aware of it. It is a program that allows employers who hire individuals from certain targeted groups (see list below) to receive a federal income tax credit. Industries such as construction, restaurants, transportation, health care, c-stores, manufacturing, distributors, call centers, and staffing agencies tend to see the most qualifying employees for this credit. How much is the credit worth? It ranges from $2,400 to $9,600 per new hire and there is no limit on the number of new hires or total amount of credits you can claim. That's like free money from the government! Sadly, millions of dollars in tax credits go unclaimed each year even though employers are hiring workers every day from the WOTC targeted groups. Why you have to act fast? One reason the credit is overlooked is...