In honor of Veterans in the workplace, I am dedicating the next four articles to the importance and benefit of hiring Veterans. God Bless!

Let’s take a moment and look at the specific financial benefit of hiring veterans. Not only do you have a more inclusive workforce and a growing organization, but there are also tax benefits you may need to learn of. Let’s take a look at two opportunities.

Work Opportunity Tax Credit (WOTC)

The Work Opportunity Tax Credit (WOTC) is a federal tax credit designed to encourage employers to hire individuals from specific target groups, including veterans.

Want to reduce your tax liabilities? By participating in the WOTC program, you have the potential to reduce your tax liabilities while providing valuable employment opportunities to those who have served our nation.

Learn more on the IRS website: Click Here!

First, this credit ranges from $1,200 to $9,600 per qualified veteran hired, depending on their circumstances. Second, participating in the WOTC program allows you to strengthen your workforce by bringing in highly skilled and dedicated individuals with unique experiences and perspectives.

I wrote about these benefits in Hiring A Veteran Can Benefit Your Organization (Part 1 of 4).

 

Disabled Access Credit

The Disabled Access Credit is another tax benefit encouraging businesses to improve accessibility for disabled employees, including disabled veterans. If your business incurs expenses to make your workplace more accessible, such as installing ramps, widening doorways, or modifying restrooms, you may be eligible for this credit.

By investing in workplace accessibility, you can benefit from the Disabled Access Credit. This credit covers 50% of eligible expenses up to $10,250, resulting in potential tax savings.

I highly encourage any organization to have a detailed strategy when hiring veterans and those with disabilities. I wrote more about the need for your system and where to start in Creating a Strategy to Hire Veterans (Part 2 of 4).

Supporting veteran employment and ensuring workplace accessibility for individuals with disabilities are noble endeavors that can positively impact your organization. It is important to consult with a tax professional who can help you with the eligibility criteria and help you maximize this credit to its fullest potential.

Need help navigating your hiring strategies? Let’s talk and begin to explore where your organization can grow and expand significantly.

 

Until Next Time…

The HR Lady