Are you Leaving WOTC Money on the Table?
Each year, companies receive more than $1 billion in tax credits, thanks to the federal Work Opportunity Tax Credit (WOTC). Yet, many businesses don’t take advantage of this crucial savings opportunity. I’ve heard countless companies mistakenly claim, “My employees don’t qualify for WOTC.”
In fact, 20% of your hires could be eligible for a WOTC up to $9,600!*
A significant percentage of your employees may fall into one of these 10 target groups:
- Designated Community
- Summer Youth Employees
- Supplemental SSI
- Long-term TANF
- Short-term TANF
- Long-Term Unemployed
Your company may be like so many others that don’t have procedures in place to claim all available credits. As a result, you may be leaving money on the table.
Of the 10 groups eligible for tax credits, we find many companies proudly recruit from the first group: veterans. Along with hiring an individual who has served our country, many believe he or she has strong work ethic. But companies rarely recruit the remaining nine groups.
However, some companies are trying to combat and remove unfair biases. Gretchen Peterson, DKB’s chief human resource officer, was recently interviewed for an article on criminal backgrounds for SHRM magazine. She said, “Our formerly incarcerated employees aren’t just ‘nonproblems.’ They’re role models in terms of performance, attendance and teamwork. They have an especially strong incentive to deliver value because they’ve seen the alternative, and in the overwhelming majority of cases, they deliver.”
Discover if you’ve fallen for any WOTC myths in our free ebook, “WOTC: Fact vs. Fiction.”
*Based on Equifax client data
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