The American Taxpayer Relief Act of 2012 (ATRA) (H.R. 8) extends the Work Opportunity Tax Credit (WOTC) for qualified veterans hired before January 1, 2014. ATRA also extends the WOTC for targeted group members, other than qualified veterans, hired after Dec 31, 2011 and before January 1, 2014.
Eligible organizations hiring qualified veterans could realize a credit of as much as $9,600.
Go to this link at irs.gov to see how it works. After the required certification is secured for qualified veterans you hire and who begin work before January 1, 2014, you can claim the tax credit as a general business credit against your company’s income tax.
Qualifed tax-exempt organizations may also claim the credit for qualified veterans who begin work on or after November 22, 2011 and before January 1, 2014. After the required certification is secured, tax-exempt employers claim the credit against their employer social security tax.
There are a lot of reasons to hire our veterans – here’s just one more.