Are there any credits left for hiring new employees in 2012?
While many tax credits expired on December 31, 2011, the Work Opportunity Tax Credit (WOTC) was modified & extended to allow a credit for businesses who hire qualified veterans in 2012.
A qualified veteran is a veteran where at least one of the following applies:
1. A member of a family receiving assistance under a food stamp program for at least three months, all or part of which is during the 12-month period ending on the hiring date.
2. Entitled to compensation for a service-connected disability, and either
a. Has a hiring date less than one year after being discharged or released from active duty.
b. Has been unemployed for at least a total of six months during the past year ending on the hiring date.
3. Has been unemployed for a total of at least four weeks but less than six months during the past year ending on the hiring date.
4. Has been unemployed for a total of six months or more during the past year ending on the hiring date.
Depending on which qualifications apply and the wages received by the employee, the maximum credit could vary from $2,400.00 to $9,600.00. If you have questions on whether or not you could qualify for this credit, please don’t hesitate to give us a call.