After the required certification is secured, taxable employers claim the WOTC as a general business credit against their income taxes, and tax-exempt employers claim the WOTC against their payroll taxes. To be eligible, employers must apply for and receive a certification verifying the new hire is a member of a targeted group before they can claim the tax credit. Small Business Administration, approximately $1 billion in tax credits are claimed each year under the WOTC. One such incentive is the Work Opportunity Tax Credit (WOTC), a federal tax credit for employers that hire individuals from specific groups that have historically faced barriers to employment. Business owners are able to add staff, grow their business and take advantage of available tax incentives by working with a tax credit advisor that can help identify tax savings. DAVENPORT, IA, UNITED STATES, Ma/ / - Tax Credit Group helps companies leverage important tax credits to manage a healthy and successful business.
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