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Professional Guidance

WOTC Tax Credits

Is your business making the most of available tax incentives?

Business owners know that every opportunity to save on taxes matters. Tax credits like the Work Opportunity Tax Credit program (WOTC) provide a powerful way for businesses to not only enhance their bottom line but also contribute to the growth of their workforce. At Sunrise, we specialize in helping businesses like yours navigate the complex world of tax incentives, ensuring you take full advantage of available opportunities. Let's explore how WOTC credits can be a game-changer for your business.

Overview of WOTC  Services

When it comes to WOTC, Sunrise offers comprehensive services designed to streamline your tax strategy:

  • Eligibility Assessment: We assess your business to determine which credits can be applied and the worker categories available.
  • Employee Screening: Our experts will help you conduct targeted screenings to identify eligible employees during the hiring process.
  • Documentation and Filing: We guide you through the process of gathering the required documentation and filing the necessary forms to file for the credit.
  • Credit Calculation: Our team calculates potential tax credits based on eligible employees' worker category, the employee's salary, and the number of hours the employee worked among other relevant factors.
  • Claim Submission: We assist in submitting the WOTC credit claim as part of your business tax return, ensuring maximum savings.

Recent Extension

In 2021, the WOTC Tax Credits received a significant extension, providing businesses with even more opportunities to benefit. The Consolidated Appropriations Act, 2021 extended the availability of WOTC Tax Credits until December 31, 2025. This extension opens up an extended timeframe for businesses to hire and retain eligible employees and claim valuable tax credits.

WOTC Tax Credits: Eligibility Criteria

To qualify for WOTC Tax Credits, your business and hires must meet specific criteria. Here's a summarized overview:

  • Employee Categories: WOTC Tax Credits are available for hiring individuals from various target groups, including veterans, ex-felons, long-term unemployed, Temporary Assistance for Needy Families (TANF) recipients, Supplemental Nutrition Assistance Program (SNAP) recipients, and more.
  • Hours Worked: Eligibility can be based on the number of hours an employee works. For example, employees who work at least 120 hours within their first year of employment may qualify for credits.
  • First-Year Qualification: Certain employees need to meet specific requirements during their first year of employment to be eligible for WOTC Tax Credits.
  • Certification and Documentation: Your business is required to obtain certification from the respective state workforce agency or Department of Labor for each eligible employee. Proper documentation and forms need to be submitted to claim the credits.
  • Effective Date: WOTC Tax Credits apply to employees hired on or after specific dates and have deadlines for submission.

By meeting these criteria and working closely with our expert team, you can uncover valuable tax benefits through WOTC Tax Credits.

Is Your Business Eligible for WOTC Tax Credits? Take the Next Step!

Are you curious about whether your business can benefit from WOTC Tax Credits? Take the first step by answering a few questions in our eligibility questionnaire. Our experts will review your responses and provide you with tailored insights into how WOTC Tax Credits can benefit your specific business. Don't miss out on potential tax savings – start the journey towards maximizing your tax benefits today.

How it benefits workers: 

The Work Opportunity Tax Credit (WOTC) program offers numerous advantages to employees as well as American workers. Here are a few of the benefits: 

Increased Employment Opportunities

  • Expanding job opportunities for individuals that have faced disadvantages
  • Diverse and inclusive practices 
  • Fostering a workforce that reflects a broader range of backgrounds and experiences.

Skill Development: 

  • Workers receive training, skill enhancement
  • Builds a strong foundation for launching a career 
  • Versatile and marketable in the job market 

Stable Income

  • Supporting workers in achieving financial stability and independence.

Improved Job Retention

  • Employers benefit from tax credits for retaining eligible employees, promoting job security.

These benefits not only positively impact American workers but also contribute to building a more robust and equitable job market across the nation

Ready to Uncover the Potential Tax Savings with WOTC Tax Credits?

Contact us today to learn more about how Sunrise can assist your business in claiming these valuable credits.

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Got Questions? We Have Answers

Frequently asked questions

Everything you need to know about Sunrise Business Evaluation
Is there a limit to the number of hires for WOTC?
No, there is no specific cap on the number of employees you can hire that qualify for WOTC Tax Credits. Whether you're a small business or a larger corporation, you can take advantage of the benefits the WOTC program offers without any predetermined hiring limits. However, it's important to work closely with our team to ensure proper documentation and compliance with the program's requirements for each eligible hire.
What are targeted groups for WOTC Tax Credits?
WOTC Tax Credits are set from a list of 10 targeted groups, each with its own set of criteria. Targeted groups include veterans, individuals receiving public assistance, and more.
What is the maximum and minimum amount for WOTC Tax Credits?
The amount of WOTC Tax Credits can vary based on factors such as the employee's qualifications and the number of hours worked with a max range from $2,400 to $9,600. Our team will calculate the potential credits based on your individual circumstances.
Do all types of businesses qualify for WOTC Tax Credits?
WOTC Tax Credits are applicable to a wide range of businesses including for-profit and nonprofit but eligibility can vary based on industry, worker category, and employee salary. Our experts can assess your business's specific situation to determine eligibility.