Employers who hire new workers may qualify for a tax benefit, but they shouldn’t wait too long. The Work Opportunity Tax Credit (WOTC) is a valuable one-time federal tax credit that incentivizes employers to hire from certain groups that face employment barriers. The WOTC will expire after 2025 (unless Congress acts to extend it). So employees must begin work before 2026. Targeted groups include qualified veterans, recipients of certain aid programs, ex-felons, qualified long-term unemployment recipients and certain summer youth workers. Employers must file a form with their state workforce agency to prescreen and certify individuals they wish to hire. Here’s more: https://bit.ly/41Ac54M
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