AbilityLinks is excited to share information about the Work Opportunity Tax Credit (WOTC), a great incentive for employers who hire employees with disabilities and Veterans.
The WOTC is a federal tax credit that can save employers a significant amount of money associated with hiring and training new employees. To qualify for the credit, employers must simply hire individuals who belong to one of the several targeted groups, including people with disabilities and Veterans.
If you're an employer, we encourage you to check out the WOTC. It's a great way to save money while also supporting underrepresented groups.
Here are a few tips for employers utilizing the WOTC for employees with disabilities and/or Veterans:
- Identify potential employees who are eligible for the WOTC. There are several resources available to help employers identify eligible candidates, such as state workforce agencies and disability service organizations. Refer to https://www.dol.gov/sites/dolgov/files/ETA/wotc/pdfs/WOTC_Quick_Reference_Guide_for_Employers.pdf for assistance finding these agencies.
- Obtain a certification from a designated local agency. This certification can be obtained by submitting Form 8850 to the agency.
- Begin claiming the WOTC on your federal income tax return.
In Summary, the WOTC can be a valuable benefit for both employers and employees. For employers, the credit can help reduce the cost of hiring and training new employees. For employees, the credit can help them to find and maintain employment.
If you have any questions about the WOTC, please refer to these links below: