Work Opportunity Tax Credit
Annually employers claim over $1 Billion in tax credits under this program. There is no minimum number of hired employees required for an employer to qualify for this tax credit.
The Work Opportunity Tax Credit (WOTC) is a federal benefit that rewards employers for hiring qualified employees. The average WOTC benefit per qualified employee is $2,400 and can be as much as $9,600. That means potentially 10 qualified employees could yield a Federal income tax credit between $24,000 and $96,000. Additionally, WOTC may be carried back one year and carried forward 20 years.
Our Methodology
The federal government requires employers to submit all documents required for approval of the WOTC within 28 days. Historically, the steps necessary to qualify for the WOTC have been time consuming and burdensome. Our software automates most of the process of pre-screening and certifying candidates as well as streamlines the required document submission process on the employers behalf.