WOTC like a Boss: Maximize Your Tax Credits
Beware of WOTC Myths
The Work Opportunity Tax Credit (WOTC) is a valuable employer tax credit. So valuable that it can not only boost bottom lines, but also employee performance. Unfortunately, we’ve seen companies fall for myths surrounding WOTC – such as, “WOTC won’t save my company much money” and that “WOTC hires may not stay at the company long enough to claim the credit.”
However, our research shows WOTC hires tend to stay on their jobs as long as or longer than non-WOTC hires.1 Not only that, but WOTC hires:
- Are less likely to leave their job in the first year
- Perform on a par with or better than non-WOTC employees
- Move up at the same pace as traditionally hired employees
For every eligible employee, WOTC delivers real dollars to the bottom line with real tax credits that HR can deliver to the C-suite. WOTC can help companies capture employer tax credits up to $9,600 per eligible employee. It’s simple math. If a company hires 20 people per year, it’s likely that four of them are WOTC eligible.2 This could mean almost $40,000 in tax credits depending on who you have hired.
What other myths might hold you back from starting a WOTC program? Download our eBook, WOTC: Fact vs. Fiction.
Already do WOTC? That’s great news, as you are already discovering for yourself how powerful these employer tax credits can be. Keep the momentum going in your organization by implementing processes that can help you unlock its full potential. Part of the secret to WOTC is 100% screening. How important is this? View our latest video to see what can happen to your bottom line when you screen at 100% for WOTC. See how Equifax can help you uncover more secrets to WOTC success by signing up for a demo.
Equifax research study on hires (WOTC and non-WOTC) over the period of 2008-2013, sourced from The Work Number® and Equifax clients’ WOTC certifications
Based on Equifax client data
Recommended For You
Are you paying wages under multiple legal entities? If so, a Common Pay Agent may help. Many employers pay wages […]
The Impact of Economic Indicators on your 2020 SUI Tax Rates Evaluating trends in economic indicators helps provide insight into […]
Compliance, fraud and verification services were hot blog topics in 2018. Hopefully you didn’t miss any of our articles that […]
Is Your Business Taking Unnecessary SUI Compliance Risks During an M&A? Situation When an employer engages in activities that result […]