About tax program
The Work Opportunity Tax Credit (WOTC) is a tax incentive program that motivates employers to hire and retain employees from specific target groups, including social assistance recipients, veterans and qualified youth. For each eligible employee you hire, your business can qualify for a tax credit of up to $9,600 during the first two years of employment — which can quickly add up to significant savings.
However, gaps in screening, follow up, and documentation hold many employers back from maximizing their WOTC total and hurting their financial results. Carrazco can help you determine what your opportunity for tax credits and incentive credits may be now, and help you prepare for the future as your workforce grows.
Benefits you’ll love
Carrazco’s competitive strength resides in its people, methods, and tools. Our professional team is talented, credentialed and driven to succeed.
WOTC can reduce an employer’s federal income tax liability by as much as $9,600 per employee hired.
Improved cash flow
Improved cash flow
Credit carried forward up to 20 years
MAXIMUM TAX CREDIT AMOUNT
Which target group qualifies?
- Qualified Long-term Unemployment Recipients, for new hires that begin to work for an employer on or after January 1, 2016 through December 31, 2019.
- A member of a family that is a Qualified Food Stamp Recipient
- A member of a family that is a Qualified Aid to Families with Dependent Children (AFDC) Recipient
- Qualified Veterans
- Qualified Ex-Felons, Pardoned, Paroled or Work Release Individuals
- Vocational Rehabilitation Referrals
- Qualified Summer Youths
- Qualified Supplemental Security Income (SSI) Recipients
- Qualified Individuals living within an Empowerment Zone, Renewal
- Community, Enterprise Community or Rural Renewal Community
- Long Term Family Assistance Recipient (TANF) – formerly known as Welfare to Work
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