NWSBA VETERAN'S ASSISTANCE PROGRAM
Mission Statement: The purpose of this standing committee is to provide civil legal assistance to those qualified* veterans, and current service members, in regards to those issues they face during and after their service.
*A veteran is defined as any service member who has received a discharge other than dishonorable.
Employers and Veterans: You Need to Consider (or Reconsider) the WOTC
By Dave Smith, Esq., CPA, Former Captain (USAF)
JOB APPLICANTS: Are you a veteran? Qualifying for the WOTC could help an employer decide to hire you.
Employers that hire military veterans are making a mistake if they ignore this valuable credit - and the certification process can be quick and easy. Free assistance with the certifications is available at the NWSBA or you can click on the following link to begin the process on your own: WOTC Veterans Documents.
What is the Work Opportunity Tax Credit “ WOTC “ Program?
Receives SNAP (food stamps) benefits $2,400
Entitled to compensation for service-connected disability:
Hired within 1 year of discharge or release from active duty $4,800
Unemployed at least 6 months in the year ending on the hiring date $9,600
At least 4 weeks $2,400
Atleast 6 months $5,600
The WOTC program enables many military veterans to gradually move from economic hardship to steady employment, while also rewarding participating employers for hiring qualified veterans by being able to lower their federal income tax liability. Available maximum tax credits range from $2,400 to $9,600, depending on the category.
Although there are potentially thousands of dollars of tax credit available for each qualified veteran hired, employers often ignore this credit believing the process is too much of a headache. However, certification is easier than you may think:
What is a Qualified Veteran?
An eligible individual is a veteran who has a service-connected disability, is unemployed, or is receiving SNAP (food stamp) benefits. Employers may claim a tax credit for every qualifying veteran they hire and maximum credit amounts for each qualifying veteran are calculated as a percentage of that veteran’s wages:
While We Have Your Attention