If your business or tax-exempt organization has hired a United States veteran since November 22, 2011, your entity may be eligible for a significant tax credit as part of the recently expanded Work Opportunity Tax Credit ("WOTC"). However, organizations must act soon, as the deadline to file the required documentation is June 19, 2012.
Eligible business employers can receive a tax credit of up to $9,600 per veteran hired while tax-exempt organizations can receive up to $6,420. To determine the actual amount of the tax credits, the IRS will look at three factors: (1) the length of the veteran's unemployment before being hired, (2) the number of hours the veteran will work, and (3) the veteran's first year wages.
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