Magazine
Subscribe
Editorial
Media Kit
Talk to us

News Dec 8, 2013 - 9:05:21 AM


IRS to Employers: Hire Veterans by Dec. 31 and Save on Taxes

By IRS





Font size: Small Big
Email this article
 Printer friendly page
Share this article:
facebook del.icio.us Yahoo! MyWeb Digg reddit Furl Blinklist Spurl
Buy the "As seen on" mug
If you plan to hire soon, consider hiring veterans. If you do, you may be able to claim the federal Work Opportunity Tax Credit worth thousands of dollars.

You must act soon. The WOTC is available to employers that hire qualified veterans before the new year.

Here are six key facts about the WOTC:

Hiring Deadline. Employers hiring qualified veterans before Jan. 1, 2014, may be able to claim the WOTC. The credit was set to expire at the end of 2012. The American Taxpayer Relief Act of 2012 extended it for one year.

Maximum Credit. The tax credit limit is $9,600 per worker for employers that operate a taxable business. The limit for tax-exempt employers is $6,240 per worker.

Credit Factors. The credit amount depends on a number of factors. They include the length of time a veteran was unemployed, the number of hours worked and the amount of the wages paid during the first year of employment.

Disabled Veterans. Employers hiring veterans with service-related disabilities may be eligible for the maximum tax credit.

State Certification. Employers must file Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit, with their state workforce agency. They must file the form within 28 days after the qualified veteran starts work. For more information, visit the U.S. Department of Labor’s WOTC website.

E-file. Some states accept Form 8850 electronically.




© Copyright by StamfordPlus.com. Some articles and pictures posted on our website, as indicated by their bylines, were submitted as press releases and do not necessarily reflect the position and opinion of StamfordPlus.com, Stamford Plus magazine, Canaiden LLC or any of its associated entities. Articles may have been edited for brevity and grammar. Photos without a credit line are "contributed photos".




[an error occurred while processing this directive]




Note: We reserve the right to delete posts at any time if we decide that they are offensive or distasteful.
CURRENT HEADLINES:
UI: Ospreys Getting Upgrade in Ansonia
Chelsea Piers Connecticut director Mollie Marcoux named new director of athletics at Princeton University
Westport Public Library to host Women and Finance for Financial Literacy Month
Barbara Taylor Bradford to speak at Stamford's Ferguson Library May 8
Malloy: With application approved company expected to move jobs into Oxford


Top of Page










StamfordPlus.com is part of the Canaiden Online Media Network.
Stamford Plus Online | Norwalk Plus Online | Canaiden.com | Best of Norwalk | Best of Stamford | Hauterfly Magazine | SummerCampPlus.com

Copyright ©2005-2010 Canaiden,LLC All Rights Reserved.