The Work Opportunity Tax Credit (WOTC) is a tax credit program initiated by the IRS to increase employment opportunities for specific groups of people who are most likely to have a harder time finding a job. As a business owner, you may qualify for a one-time tax credit if you hire a new employee that fulfills the guidelines of the WOTC.
A business can earn a tax credit for each employee that meets the target group requirements: ⠀
- Qualified IV-A recipient⠀
- Qualified Veteran⠀
- Qualified Ex-Felon⠀
- Designated Community Resident⠀
- Vocational Rehabilitation Referral⠀
- Summer Youth Employee⠀
- Supplemental Nutrition Assistance Program (SNAP "food stamps") recipient;⠀
- Supplemental Security Income (SSI) recipient;⠀
- Long-term Family Assistance recipient; and⠀
- Qualified Long-term Unemployment recipient.
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