In an effort to help keep our customers and other readers up to date on the latest trends in the home care industry, today we have a special guest post by Joel Debus, marketing manager for MyJobCredit/BestCareJobs. In his post below, Debus discusses the Work Oppotunity Tax Credit (WOTC) program and why you should take advantage of the program. This post provides very valuable information on how you can improve your bottom line through government programs, and we thank Joel Debus for sharing theses insights with us.
First of all, what is WOTC?
The Work Opportunity Tax Credit (WOTC) is a dollar-for-dollar tax credit available to employers, aimed at motivating them to hire individuals from certain target groups, such as the long-term unemployed, food stamp recipients, veterans, and others.
So, what is in it for my home care agency? Why should we participate?
1) Millions Qualify
Approximately 20% of the American workforce qualifies for this program at an average of $3,400 each and 40% of veterans qualify at an average of $4,600.
2) Save Money
It's a dollar-for-dollar tax credit which can really positively affect your bottom line. Each qualified hire ranges from $1,200 to $9,600 in tax credit value. One BestCareJobs.com clients had a tax bill of $30,000 but also had tax credits worth $25,000, so her final bill ended up being just $5,000.
3) Competitive Advantage
Many of your competitors are taking advantage of this program and you should too. This incentive transforms businesses and demonstrates a more efficient hiring process.
4) Credits Carry Forward
The credits per candidate can be carried for up to 20 years from the day of certification.
5) Established Program
The WOTC program was created in 1996 and has continued to be renewed ever since, incentivizing businesses, empowering the underemployed, and growing the U.S. economy.
6) Save Time
Yes, you can do this yourself but it will require a lot of your time and missing one employee that qualifies in the WOTC program could cost you thousands of dollars in tax credits.
How BestCareJobs.com Can Help You Take Advantage of the WOTC Program
BestCareJobs.com (BCJ) applies for tax credits on behalf of employers. Accounts are usually set up in less than 30 minutes, even with separate Federal Identification Numbers. After a 30-minute training session, employers can start to screen immediately. Experienced and knowledgeable account managers at BCJ stand ready to answer questions as they arise.
Activity in the BCJ system occurs in real time with software that enables quick implementation. A unique, cloud-based model of screening and processing empowers employers to utilize the system with ease. It includes management tools and an online dashboard to track the tax credit process from application to delivery, and the technology shows which candidates are eligible as well as the amount they qualify for using an online survey.
For more information, download this recorded webinar to learn how you can transform your hiring process and maximize your tax credits.
Thank you again to Joel Debus of BestCareJobs.com for providing this valuable information on the WOTC program.
Join the Discussion:
What do you think? Have you taken advantage of this program in the past? Has it created valuable tax savings for your business? Leave us a comment below.