Discover a WOTC Tax Credit You Weren’t Even Aware of with Our Integrated Tool!
You could be saving money on your taxes with one simple tool within your payroll account. With the Work Opportunity Tax Credit or WOTC tax credit as it’s more commonly referred to, you can receive a federal tax credit for hiring employees within WOTC target groups. Although complex and mundane, the WOTC tax credit is an opportunity indeed.
The process for filing is intense. First, you must complete IRS Form 8850 and ETA Form 9062. Step two is filling with your State Workforce Agency before receive the final determination. After the determination, you finally file for the credit with the IRS Form 5884. It’s lengthy to say the least – even just typed out!
That’s why Journey has a tool built into our paperless new hire onboarding that interviews and identifies qualified members of WOTC Target Groups. After you and your new hire complete the initial onboarding forms, our integrated system takes care of the rest! We take the work out of this credit and just leave you the opportunity portion.
Target groups include veterans, SNAP and TANF recipients, summer youth employees, and ex-felons to name a few. Depending on the number of employees you have, you could be missing out on a substantial credit. For instance, the maximum amount on a qualified employee’s first year’s wages can result in a WOTC tax credit of $750 – $6,000; depending on their target group and how many hours they worked. So needless to say it’s worth looking into!
Tax credits add up. The more you can take advantage of them, the lower your tax liability will be. Pair this with our payroll tax service, and we’ve got your business taxes covered from payment to credit! Now let’s talk about how you can find those potential credits so you can put that money back into your business.