Work Opportunity Tax Credit Software
The Work Opportunity Tax Credit, or WOTC, is a Federal tax credit created by the Small Business Job Protection Act of 1996 and the Welfare-to-Work Tax Credit of 1996. This credit is available to employers who hire and retain from target groups. Employers claim about $1 billion in tax credits each year under the WOTC program. There is no limit on the number of individuals an employer can hire to qualify to claim the tax credit. WOTC is a general business credit and can offset federal income taxes and can be carried back to the prior year or carried forward 20 years!
Targeted Industries
ANY Sole Proprietorship, S-Corp, LLC, LLP or Partnership.
What Types of Employees Qualify?
• Veterans
• TANF Recipients
• SNAP (Food Stamp) Recipients
• Designated Community Residents (living in Empowerment Zones or Rural Renewal Counties)
• Vocational Rehabilitation Referral
• Ex-felons
• Supplemental Security Income Recipients
• Summer Youth Employee (living in Empowerment Zones)
What About Everyone Else?
Candidates not qualified under the above program virtually always qualify under Section 41 R&D Tax Credit, and the Startup Tax Credits.
What Types of Employees Qualify?
Regardless of Any Individual Candidate or Employee
Virtually All Employers in the following Industries Qualify for Employer-Based Tax Incentives: Manufacturers, Software Companies, Producers of Products, Architectural / Engineering / Design Groups, Pharmaceutical Companies, Labs, Startup Companies, and Companies Performing Technical Functions.
The WOTC Software screens your new hires for tax credits for your company to claim
The WOTC Software handles 95% of the paperwork and qualification processes for each candidate getting the maximum benefit possible vs a CPA generalizing.
After an employee has been qualified and the certification secured, a taxable employer may claim the tax credit as a general business credit against their income tax by printing out the paperwork from the software and using IRS form 3800.
Contact us for a free demo of the software. Extremely easy to implement into your operations.
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