Hiring Tax Incentives
Companies can receive tax credits for hiring employees that either live in a certain location or are part of a target group of individuals. Hiring Tax Credits can dramatically impact a company’s federal tax liability. Work Opportunity Tax Credit (WOTC) This federal tax credit reduces the federal tax liability of employers. Eligibility for this credit is based on the employer’s hiring from specific target groups facing barriers to employment. Targeted Groups: Temporary Assistance for Needy Families (TANF) Recipients Ex-Felons SNAP (Food Stamp) Recipients ...