The answer to that question is, yes, there is a chance your company may be eligible for an expanded tax credit if you hire a veteran that begins work before Jan. 1, 2013. Businesses may qualify through the Work Opportunity Tax Credit to receive thousands of dollars for this credit. Some key facts about the credit include:
1) To claim the credit, the qualified veterans need to have begun work on or after Nov. 22, 2011 but before Jan. 1, 2013.
2) The maximum amount of the credit is $9,600 per worker employed by for-profit businesses, or for tax exempt businesses, the maximum credit is $6,240.
3) The amount of the credit will depend on the length of the veteran’s unemployment before being hired, the amount of wages the veteran receives during the first year of employment, and the number of hours the veteran has worked.
To find out more helpful key factors regarding this credit, please visit our website www.steveveseycpa.com/blog. As always, please consult your tax advisor for more information and to find out if your business will qualify for this credit.