Significant Employer Tax Credits and Incentives available.
Partnering with abilityfocused Staffing is about “breaking down the employment barriers for all protected classes including Veterans and people that have differing abilities - at the same time leveraging the benefits of the Federal tax credit available to employers.
- Business tax credits and deductions as outlined in the US Department of Labor, Office of Disability Employment Policy.
- Significant return on investment of every dollar invested
- Enhanced corporate image
- Increased customer loyalty
- Improved employee morale and productivity overall
- Identify good loyal job candidates .
The Work Opportunity Tax Credit (WOTC)
The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers who hire individuals from eligible target groups with significant barriers to employment. Each year, employers claim over $1 billion in tax credits under the WOTC program. The success and growth of this income tax credit for business is beneficial for all who participate, while increasing America’s economic growth and productivity.
Tax Credits for Hiring Veterans: What You Need to Know
The military prepares a soldier’s body and mind for battle, but it also prepares them for work outside the military. Veterans are a valuable asset for any company or corporation. Their unique discipline and experience make them an excellent hire for nearly any type of job. Many employers already understand this benefit, but do not know that hiring a veteran can also have a financial benefit too.
Special Employer Incentives (SEI)
Special Employer Incentives (SEI) program is for eligible Veterans that face extraordinary obstacles to obtaining employment. The Department of Veterans Affairs Vocational Rehabilitation and Employment program provides eligible veterans an opportunity to obtain training and practical hands-on experience concurrently through the SEI program. Veterans are hired by participating employers at the onset of the SEI program and employment is expected to continue following successful completion of the SEI program. As a result, the SEI program is beneficial for both employers and Veterans. Employers who hire veterans receive:
Returning Heroes and Wounded Warrior Tax Credits
The Returning Heroes Tax Credit is a new hiring tax credit that incentives firms to hire unemployed veterans.
o Short-term unemployed: A new credit of 40 percent of the first $6,000 of wages (upto$2,400) for employers who hire veterans who have been unemployed at least 4 weeks.
o Long-term unemployed: A new credit of 40 percent of the first $14,000 of wages (upto$5,600) for employers who hire veterans who have been unemployed longer than 6 months.
The Wounded Warrior Tax Credit doubles the existing tax credit for long-term unemployed veterans with service- connected disabilities.
o Maintain the existing Work Opportunity Tax Credit for veterans with service-connected disabilities (currently the maximum is $4,800).
o A new credit of 40 percent of the first $24,000 of wages (up to $9,600) for firms that hire veterans with service- connected disabilities who have been unemployed longer than 6 months.