Hidden Sources of Talent
The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers for hiring individuals from certain targeted groups, including military veterans, individuals with disabilities, ex-offenders, persons receiving public assistance and others who consistently face significant barriers to employment. The WOTC helps promote workplace diversity, innovation and provides Americans with access to employment, while also helping businesses fill vacant positions.
If your business is interested in hiring from these specific hiring pools, you may be eligible to receive financial assistance and other special tax reductions for each individual hired.
- Up to $2,400 in tax credits when your business hires a veteran who has been unemployed between four weeks and six months or hire a veteran who is receiving Federal Supplemental Nutrition Assistance (SNAP).
- Up to $4,800 in tax credits when your business hires an unemployed veteran who has a service-related disability.
- Up to $5,600 in tax credits when your business hires a veteran who has been unemployed for over six months.
- Up to $9,600 in tax credits when your business hires a veteran that has been. unemployed for at least six months and has a service-connected disability.
- Click here to learn more about the benefits of hiring our nation's heroes.
Hiring Ex Offenders
- Up to $2,400 in tax credits when your business hires an ex-offender.
- The Federal Bonding Program assists by providing employers with a free fidelity bond on the job seekers behalf.
- A fidelity bond is an insurance policy that many employers obtain to protect their business against losses that occur as a result of fraudulent acts by dishonest employees.
- Some job seekers are considered high risk which hinders their ability to become commercially bonded.
- Issues such as criminal backgrounds, poor credit history, lack of work history, substance abuse background, and dishonorable discharge from the military may make a job seeker considered high-risk.
- Fidelity bonds are issued in increments of $5,000.
- You can learn more about the Federal Bonding Program by clicking here.
Hiring Persons With Disabilities
- The maximum WOTC ranges from $1,200 to $9,600, depending on the employee hired and the length of employment.
- The Disabled Access Credit provides a non-refundable credit for small businesses that incur expenditures for the purpose of providing access to persons with disabilities.
- An eligible small business is one that earned $1 million or less or had no more than 30 full time employees in the previous year; they may take the credit each and every year they incur access expenditures.
- Refer to Form 8826, Disabled Access Credit (PDF format), for information about eligible expenditures.
- Retirees and potential retirees today have many reasons for wanting to continue working or to return to the workforce.
- Americans are living longer and staying healthier, so retiring at the traditional age of 65 or early retirement during their 50's means a much longer period of retirement.
- Many individuals need to supplement their retirement income given the longer length of time they are likely to live, therefore requiring extra resources.
- Forward thinking businesses are seeking ways to attract older adults, as they offer both experience and skill sets that can benefit employers.
- If your company is interested in hiring a season worker, visit the Employ Florida Silver Edition website for additional information.
- *Please note that this particular population of workers do not qualify for the WOTC.
Interested in hiring from any of the above special populations? Let CareerSource Broward help! Contact us at (954) 677-JOBS (5627) or by email at [email protected] to get connected with an Employer Services representative.