Work Opportunity Tax Credit

Even in a tight labor market, some job seekers have trouble finding employment due to such factors as long-term unemployment, veteran status, disability and former incarceration. But the Work Opportunity Tax Credit may help by giving employers who hire eligible individuals a tax credit generally equal to 40% of up to $6,000 in wages paid (for a maximum of $2,400). For an employer to qualify for this one-time federal tax break, employees must be in their first year of employment, belong to a targeted group and work at least 400 hours. If you hire certain qualified veterans, you may be able to claim a credit of up to 40% of $24,000 in wages (or $9,600). Details here: