Work Opportunity Tax Credit (WOTC)
The Work Opportunity Tax Credit provides a tax incentive for hiring individuals who face barriers to employment. Depending on which group an individual belongs to the credit per new hire can range from $2,400 to $9,600.
The target groups include:
- Qualified (unemployed or disabled) veteran
- Qualified “summer youth,” that is, individuals 16 or 17 years old living in an empowerment zone
- Individuals unemployed for at least 27 consecutive weeks who received unemployment compensation under state or federal law during that period
- Members of families that receive Supplemental Nutrition Assistance Program benefits (food stamps)
- Members of families that receive short- or long-term Temporary Assistance to Needy Families or Aid to Families with Dependent Children (welfare)
- Qualified ex-felons or pardoned, paroled, or work-release individuals
- Individuals who have completed or are completing vocational rehabilitation programs
- Individuals receiving Supplemental Security Income
- Designated community residents (such as individuals living within an empowerment zone)
Camuso CPA PLLC offers comprehensive services to develop and tailor a first-rate tax plan for your business needs. Reach out to our team regarding any questions about WOTC Credit or establishing a comprehensive tax plan.
We have worked hard to earn our reputation for going the extra mile, tailoring our approach to client needs, and creating customized tax solutions. Our friendly and knowledgeable representatives are available to answer any tax service questions you may have.
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