Up to $324,000 in Your Christmas Stocking
Are you a business owner looking to increase profits and decrease costs? We all are. However, most business owners overlook a very simple way to take advantage of another way to put more money on the bottom line, and that is through tax credits. Studies show that about half of companies surveyed don't know about Work Opportunity Tax Credits, otherwise known as WOTC. We asked WOTC expert Amber Gough a few questions around this overlooked gift. We'll do a few blog features in the future with her answers. First let's start with an example of what this can do for you.
What are some examples of tax credits that have been realized by people that you have helped?
This is a great question. Sadly many companies are not aware of the WOTC program, but already have veteran hiring initiatives in place. That can equate to lost tax credits of thousands and thousands of dollars simply because they did not fill out the appropriate form at the right time. A rapidly growing company that I have been working with recently, had that very issue. Over the past several years they had grown by thousands of employees and, in fact, anticipate doubling in the next few years. The already veteran friendly company has 12% veterans on their workforce.
If you just look at the numbers: They have 5,000 employees x 12% Veterans population = 600 Veterans Hired. The average veteran WOTC Credit = $5,400 (up to $9,600) The potential average tax credit could have been $3,240,000!
As a small business owner, I can tell you, that is a very large number. Shareholders most certainly would welcome an additional three million to the bottom line.
Every employer should be aware of the WOTC program and it should be built into the hiring and onboarding process for all companies large and small.
Contact us today to learn more about how the WOTC tax credit can give you a boost in your bottom line.