SmartPayroll Solutions is proud to introduce a new service that could help you save thousands on your federal income taxes.
How? By implementing a screening process during the hiring/onboarding process, we can identify employees who qualify your business for WOTC or Work Opportunity Tax Credits.
The WOTC is an employment tax incentive program sponsored by the federal government. The program is intended to increase job opportunities for people who face significant barriers to employment. The WOTC offers tax savings to businesses for hiring individuals from certain target groups such as recipients of unemployment benefits, food stamp recipients, veterans, and more.
Employers can earn a tax credit of between $1,200 and $9,600 per qualified employee, depending on the target group of the new hire and the number of hours worked at the business. Companies that are expanding or have frequent turnover may realize the most benefit from the WOTC.