Bolster Your Bottom Line with the Work Opportunity Tax Credit
By Patrick Cooney, Director of Business Development & Strategic Partnerships at WOTC.com
Employers who are engaged in veteran hiring initiatives garner many benefits in having veterans as part of their workforce. Veterans provide strong leadership and the ability to thrive within a team setting which employers across all industries can gain from. The franchise structure is one that aligns particularly well with the skill sets veterans possess and allows them utilize goal oriented strategies learned during their military service. Franchises offer a hierarchy and organized chain of command that Veterans are very accustomed to. Veterans are also familiar with operating through changing variables towards a common end goal and have developed the ability to adapt to achieve these goals, which is a skill that translates nicely to business.
For those employers who do hire Military Veterans, it’s imperative that they also screen for Work Opportunity Tax Credits as part of their standard process. When employers screen for WOTC as part of their hiring process, each Veteran hired can earn them a tax credit valued between $2,400 and $9,600.
For the purposes of the Work Opportunity Tax Credit, a “qualified veteran” is a veteran who is any of the following:
- A member of a family receiving assistance under the Supplemental Nutrition Assistance Program (SNAP) (food stamps) for at least 3 months during the first 15 months of employment.
- Unemployed for a period totaling at least 4 weeks (whether or not consecutive) but less than 6 months in the 1-year period ending on the hiring date.
- Unemployed for a period totaling at least 6 months (whether or not consecutive) in the 1-year period ending on the hiring date.
- A disabled veteran entitled to compensation for a service-connected disability hired not more than one year after being discharged or released from active duty in the U.S. Armed Forces.
- A disabled veteran entitled to compensation for a service-connected disability who is unemployed for a period totaling at least six months (whether or not consecutive) in the one-year period ending on the hiring date.
To learn more about how your company can take advantage of Work Opportunity Tax Credits to bolster your veteran hiring initiatives and provide a boost to your bottom line: https://wotc.com/portal/vet-fran/register
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