Hi Folks, I am a businessman I want to go for the Work Opportunity Tax Credit! Does anyone know the procedure of it, so that I can enjoy its benefit? If you people have any knowledge regarding this, please let me know. Any help will be highly appreciated.
Thanks for any help!
Years ago I saved a bundle by hiring peop[le with the "job Tax Credit" then also with the "Targeted Job Tax Credit."
Basically, I had to hire employees from certain defined disadvantaged groups, then at year-end I was allowed a TAX CREDIT to apply to my income taxes... up to $6K per employee if my memory serves.
I WILL find details about the new Work Opportunity Tax Credit and report back.
[addsig]
OK.... The WOTC Program (Work Opportunity Tax Credit Program) was effective 5/25/2007 and expires 8/31/2011.
"The WOTC is a federal tax credit used to reduce the federal tax liability of employers." "Employers can hire from 9 different targeted groups:"
"up to $9,000.00."
The key words are "must be qualified." Click on:
http://www.twc.state.tx.us/svcs/wotc/wotc.html
_________________
"BARGAIN KING"
[ Edited by bargain76 on Date 06/09/2008 ]
***Deleted for advertising***
This was a "set up" question, a one time poster asking a question and another answering it with a company promotion. When they did it again, I decided to delete the advertising.
Bargain King, however, is honestly tryng to answer a question that interests him, so I am leaving the thread up to retain the information he provided.
Chris
[ Edited by ypochris on Date 06/14/2008 ]