Hiring? You May Qualify for the Worker Opportunity Tax Credit
January 9, 2023
The Worker Opportunity Tax Credit allows businesses to reduce their tax liability by up to $9,600 per new hire, regardless of the size of the business, as long as it is for-profit. Workers qualify even if they are part-time or seasonal. There is no limit to the number of new hires an employer may claim in a calendar year, so this can save your business a lot of money if you’re in the hiring phase.
Worker Opportunity Tax Credit: How to Apply
To apply for the Worker Opportunity Tax Credit, you’ll need to meet the IRS 28-calendar day filing deadline from the new hire’s first day of work, so be sure to apply quickly. This link will show you what forms to submit and how to submit them to the IRS. If you’re unsure how much your tax credit will be, calculate it here.
What’s Next CEO is your best resource for business assistance like understanding the Worker Opportunity Tax Credit and other incentives. Our small business expert Lee Hall is available to offer free support today!
