Receive up to a $9,600 Tax Credit For Every Qualified Employee You Hire
Maximize your hiring budget with WOTC
Adding a WOTC process into your recruitment efforts can help you maintain an efficient hiring operation and help you stretch your employee budget.
Taking advantage of tax credits can be a full-time job. Employers have to identify eligible candidates, collect supporting information and documentation, submit the required tax forms, and compute the dollar amount of each credit.
By utilizing our WOTC software, it manages the whole WOTC filing process for you — screening for eligible applicants, calculating earned credit value, and generating the tax packages needed to claim credits — with no need for paper forms or complex manual processes. Beyond just providing information for WOTC claims, the software also searches hundreds of local, state, and federal tax credits opportunities in real time.
What Is WOTC?
The Work Opportunity Tax Credit is a U.S. government program designed by the Internal Revenue Service that incentivizes companies to hire and retain individuals from target groups with significant barriers to employment. These groups include veterans, long-term unemployed individuals, disabled individuals, Supplemental Nutrition Assistance Program (SNAP) recipients, other public assistance participants, and more.
WOTC credits are calculated as a percentage of qualified employees’ wages based on the hours they work (full-time or part-time), and usually range from $1,200 to $9,600 per qualified employee, with most qualified employees generating an average $2,400 in tax credits. This can add up to significant cost savings for your organization.
Employers currently claim about $1 billion in credits each year under the WOTC program. There is no limit on the number of individuals an employer can hire to qualify and claim the tax credit, and there are a few simple steps to follow to apply for WOTC.
Some of our clients are familiar with the WOTC program and its benefits but have not taken advantage of it due to it's historically difficult qualification process. We've eliminated all the difficulties of this process with the creation of our exclusive Client Portal, providing you an easy way to pre-qualify and capture your tax credits.
Simplified Screening
A strong WOTC approach begins with evaluating the applicants your organization attracts for potential credit opportunities. Our WOTC software does this through a simple eleven-question survey thats emailed directly to your new hire candidate. These questions only take 60-90 seconds for the majority of applicants to answer, quickly and easily gathering the qualifying data needed to determine WOTC eligibility. You’re also able to track each applicant’s completion status for the survey and see the estimated credits you’ll receive from qualified applicants within your Client Portal
In 4 Easy Steps
Our system automatically identifies which programs are available for your new hires. These credits often match or even exceed the amount of tax credits that can be found under the WOTC program. These include certain geographic based incentives, retroactive credits, Empowerment Zone, Indian Employer Tax Credit, TICA Tip Tax Credit, R&D Tax Credit, Employment Credits from IRC Section 41, and Startup Tax Credits.
The pattern in the last decade is that with the passing of each Act, more and more companies are eligible for Employee based Tax Incentives that broaden not only WOTC itself, but hundreds of programs that surround it.
Virtually any business can now benefit from Employer Based Tax Incentives because even candidates that don't qualify for WOTC often qualify for other tax incentives. If you're wondering "if" you qualify, the answer is ANY business that hires employees qualifies.
Can I claim WOTC on Existing Employees?
The Workers Opportunity Tax Credit itself may only be taken on new employees that are pre qualified for WOTC before they begin employment. Our system works to help ensure compliance and promoting the screening process prior to this step so that you receive every possible credit you are entitled to.
Lets Get Started
When you hire an employee, you have only 28 days from the hire date to submit the required forms for WOTC. Your candidate must complete our survey before their hire date.
Activate now and within minutes you'll be able to start entering your candidates. Visit our site at: https://gmg.me/304792
Owner at Miles and Son Services
5 年Good to know. Need every dollar.