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Worker Opportunity Tax Credit?

Business Planning | Preservation | Solutions

The Worker Opportunity Tax Credit (WOTC) is a federal tax credit that employers can claim for hiring and employing individuals from certain targeted groups who have faced significant barriers to employment¹². These groups include veterans, ex-felons, long-term unemployed, and others¹². 

The WOTC is available for wages paid to eligible individuals who begin work on or before December 31, 2025¹³. To claim the WOTC, employers must pre-screen and obtain certification from the appropriate state agency that the employee is a member of a targeted group¹². 

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Source: Conversation with Bing, 5/19/2023 (1) Work Opportunity Tax Credit | Internal Revenue Service. (2) Work Opportunity Tax Credit | U.S. Department of Labor. (3) Small businesses can benefit from the work opportunity tax credit.

 Worker Opportunity Tax Credit?
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