In recent weeks, the Work Opportunity Tax Credit (WOTC) has been among numerous incentives awaiting approval through the Federal tax extenders bill. However, right now, your business could still apply for WOTC, even if it technically expired in 2013.
The Work Opportunity Tax Credit (WOTC) rewards businesses, small and large, as much as $2400-$9600 per new hire from certain, targeted groups. A few of these include:
Military veterans
Food Stamp recipients
TANF (Temporary Assistance for Needy Families) recipients
Ex-felons
Vocational Rehabilitation referrals
You local state workforce agencies will continue to accept 2014 WOTC applications until representatives in Washington decide otherwise. Once the program is renewed, the departments begin processing credit requests retroactively for 2014 new hires.
Applications must be received within 28 days after the new employees' start dates. To learn more, feel free to visit our site or the federal Department of Labor page.
www.taxcreditmgmtgroup.com
www.doleta.gov/business/incentives/opptax/