Up to $ 4800 in Tax Credits Available to Employers who Hire Veterans
The following Veteran Categories will qualify your company for a $4,800 Federal income tax credit
- Veteran – member of a family that received assistance under the Supplemental Nutrition Assistance Program (SNAP) (food stamps) for at least a 3-month period during the 15-month period prior to your company hiring the individual; or a disabled veteran entitled to compensation for a service-connected disability and is hired not more than one year after being discharged or released from active duty; or a disabled veteran entitled to compensation for a service-connected disability and was unemployed for a period or periods totaling at least 6 months (whether or not consecutive) in the one-year period prior to your company hiring the individual.
- Unemployed veteran – a veteran hired after 2008 and before 2011, who is certified as: 1) having been discharged or released from active duty at any time during the 5-year period ending on the date your company hired the individual, and 2) having received unemployment compensation under State or Federal law for not less than four weeks during the one-year period ending on the date your company hired the individual.
Work Opportunity Tax Credit:
The Work Opportunity Tax Credit could be as great as $9,000 per qualified new hire
There are 12 categories that will qualify an employee for these credits. It is typical that 12-16% of your job applicants will qualify for this lucrative tax credit
To qualify for these special job credits, you must provide your applicants a form that needs to be completed on the day of job offer or before the day a job offer is extended to the employee. If this is not completed in this time frame you will lose your claim to these credits.
This program was instituted on March 17th, 2010. The great positive of this new program is that ALL businesses qualify. If you created a job for an individual that was employed for two months prior to employment with your company, you will not be required to pay FICA taxes in 2010 for these individuals. If the job is maintained for 52 weeks, there is an additional $1,000 credit provided by the Federal government.
If your company is going to hire 20 employees or more in 2010, we can help you automate the entire process so you are able to claim all the Federal benefits. Depending on where you have operations, there are programs that are much more lucrative at the state level.
To learn more, please contact us and fill out our INFORMATION REQUEST FORM now because the HIRE Act is scheduled to expire on January 1, 2011.
Posted by Veterans Today Network on 1:47 pm, With 0 Reads, Filed under Education, Legislation. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.