CMS’s Brian Kelly answers your questions about the Work Opportunity Tax Credit.
Question One: How Many Veterans Are Hired Each Year That Qualified for WOTC?
CMS Responds: Do you know how many Veterans are hired each year with the assistance of the WOTC program? Well, we do know that answer. It’s actually between 150,000 to 200,000 vets qualified each year under the WOTC tax credit umbrella.
Question Two: Do employers benefit from hiring veterans?
CMS Responds: Do employers benefit from hiring veterans? Absolutely! Veterans is one of the larger categories we see with WOTC tax credits. We want to get our discharged military back into the workforce. The tax credits can go anywhere from a couple of thousand dollars all the way to $9,600 for a qualified person.
Question Three: How Much Can We Receive for Hiring a Qualified Veteran?
CMS Responds: One of the WOTC questions that we get is “how much can we receive for hiring qualified veterans?” The good news is that there’s a couple of different tiers for the Veteran category – the Vow to Hire Heroes. And one of the quickest way to qualify is if you hire a discharged veteran, and s/he was unemployed for four weeks, you’re eligible for a $2,400 tax credit. However, if you hire a veteran with a service-connected disability that tax credit can go up to $9,600.
About Our WOTC Screening Services
- Why you should use CMS’s WOTC Tax Screening Service rather than doing it yourself.
- Get an idea of how much you could be saving by utilizing the Work Opportunity Tax Credit for your company, try our WOTC Calculator.
- Are you a CPA or tax service provider? Find out how you can become a strategic Business Partner.
Contact CMS Today to Start Saving!
In over 25 years of providing valuable WOTC Screening and Administration services we’ve saved millions for our customers.
Contact CMS today to start taking advantage. Call 800-517-9099, or click here to use our contact form to ask any questions.