As the nation marks Veteran's Day it's important to not only extend our gratitude to vets for their service, but to take what steps we can to help them when they come home. One of the best ways to support veterans is to hire them! The New York State Department of Labor offers these 10 Reasons to Hire a Veteran:
How about one more bonus reason to hire veterans? Hiring a veteran could have tax benefits for your organization. Hiring certain veterans may qualify for a Work Opportunity Tax Credit (WOTC). WOTC is a Federal tax credit available to employers who hire and retain veterans and individuals from other target groups with significant barriers to employment (including those on temporary assistance, food stamp recipients, those living in empowerment zones, referrals from vocational rehab, ex-felons, and supplemental security recipients). Employers claim about $1 billion in tax credits each year under the WOTC program. Employers generally can earn a tax credit equal to 25% or 40% of a new employee's first-year wages, up to the maximum for the target group to which the employee belongs. Employers will earn 25% if the employee works at least 120 hours and 40% if the employee works at least 400 hours.
HR One has a program to help employers identify potential WOTC qualifying hires and assists employers with the application process. For more information on the WOTC program complete and submit the consultation form below!