As a business owner, you may feel there is more you can be doing to give back. Well, there is! The even better news is that it’s beneficial for both your community and your business. You can help individuals gain meaningful employment with the Work Opportunity Tax Credit (WOTC) program.
WOTC is the federal tax incentive for business owners who hire workers from eligible target groups. With little paperwork needed, WOTC helps save your business money on tax bills, as well as provides quality jobs to those who are unemployed, veterans, or need assistance in other ways.
Here is a list of three reasons your business would find WOTC to be a win-win opportunity:
1. Your business can benefit by reduced tax burdens.
When candidates are hired, the state and the federal government save an immense amount of tax paying dollars by helping secure employment. These types of savings can result in further reduced tax burdens for your businesses.
2. It helps veterans and the unemployed receive opportunities they wouldn’t normally receive.
Your new employees under the program will be motivated to stay productive and stay with your company long-term. They are willing to put their best effort forward. With this opportunity, they will have positive encouragement and the ability to move toward financial stability. WOTC will provide them with the advantages and opportunities needed to become influencers and role models in their communities.
3. There is little paperwork needed to get through the process.
It’s easy to apply. You don’t have to go through loads of paperwork. This process is not like other programs that require piles of paperwork and a list of strenuous steps prior to approval. WOTC is a stress-free program. This is an opportunity you wouldn’t want to pass up!
Was this article useful? Chief of Minds provides innovative human resources and payroll services that position your business for growth and increase productivity and profitability. Our full-service human resources strategy firm focuses on helping small to medium businesses decrease workload, improve HR functions and reduce costs. We’re here for you to win!
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