Who to Hire for Extra Tax Breaks
GDA Staff -- Gifts and Dec, 10/14/2010 4:45:00 PM
Tax credits are available to businesses who hire employees in the following categories:
• Job Corps Graduates: Job Corps is a free educational and vocational training program for eligible youth aged 16-24. Businesses who hire Job Corps graduates qualify for a $2,400 tax break for at least six months of full-time employment, or a $1,200 tax credit for part-time employment for the same amount of time.
• Veterans: Under the Work Opportunity Tax Credit (WOTC), there is a credit of up to $2,400 if a business hires a veteran who is a member of a family that has received food stamps or a disabled veteran who is participating in a vocational rehabilitation program. Businesses can receive up to $4,800 in tax credits for hiring a veteran within one year of being discharged or released from active duty or who has been unemployed for any six of the last 12 months.
• Unemployed: The Hiring Incentives to Restore Employment Act (HIRE) gives employers who hire an unemployed worker before January 1, 2011 a 6.2 percent payroll tax incentive, which essentially exempts them from their share of Social Security taxes on wages paid to that worker. For each worker retained for at least a year, business can claim an additional general business tax credit of up to$1,000 per worker when they file their 2011 taxes.
• Disabled Workers: Businesses who hire disabled workers qualify for WOTC, and there are additional tax breaks available for improving the work lives of those employees, in the form of Disability Access Tax Credits, including the Architectural Barrier Removal Tax Deduction which gives employers up to $15,000 a year to improve entrances, walkways, etc. for persons with disabilities.
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