Own an in-home care company or nursing home? The in-home care and nursing home industries are generally solid candidates for employment-related tax credits. An influx of new employees and moderate turnover of low to mid-level hourly wage positions provides opportunities to hire individuals from high-risk, historically underemployed populations and earn valuable tax credits in the process.
At the federal level, the Work Opportunity Tax Credit (WOTC) provides incentives ranging from up to $2,400 for hiring an individual on food stamps or long-term unemployed, to $9,600 for hiring a disabled and unemployed veteran.
However, businesses must generally be paying income taxes to take any available credits, and various qualifications, including application processes with state agencies, may apply.
Contracting a tax credit consultant to weigh your options and see if these programs will fit within your operation is always a wise idea. At the very least, having a consultant administer WOTC may result in thousands in savings for your bottom line.
For more information or assistance on WOTC and employment tax credits, call Stevie Swain at Swain Consulting at 513.818.1753.