What Is The WOTC Tax Credit?

Business Tax Benefits31 May, 2022Finance

The WOTC (Work Opportunity) tax credit is given to the employers who hire employees from specific groups. The IRS offers this federal tax credit to the employers who hire veterans and other people from the targeted group. The people who fall in the WOTC targeted groups are veterans, long-term unemployed, ex-felons, and people on food stamps. The one thing to note about the WOTC tax credit is unlimited for employers. It doesn?t matter how many employees you hire from the specific categories. You will receive the WOTC credit as long as they meet the IRS criteria. A single employee can get you the tax credit of about $9500 per year.