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Employers Expanding Their Workforce Can Take Advantage of Hiring Tax Credits
Both federal and state governments create hiring incentives and tax credits like the Work Opportunity Tax Credit (WOTC) to stimulate economic growth, alleviate unemployment, and promote workforce development. These programs incentivize employers to hire individuals from specific target groups, such as veterans, individuals with disabilities, and recipients of certain government assistance programs. By offering financial incentives to employers who hire individuals from these groups, governments seek to reduce unemployment rates, address workforce shortages, and facilitate the integration of marginalized populations into the labor market.
Work Opportunity Tax Credit (WOTC) Target Groups:
The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers who hire individuals from specific target groups who have consistently faced significant barriers to employment. The target groups for WOTC include:
TANF Recipients: Individuals who are members of a family that is receiving assistance under the Temporary Assistance for Needy Families (TANF) program for any 9-month period during the 18-month period ending on the hiring date.
Veterans: Veterans who are members of a family receiving Supplemental Nutrition Assistance Program (SNAP) benefits (food stamps) for at least a 3-month period during the first year of employment.
Ex-Felons: Individuals who have been convicted of a felony and are hired within one year after the conviction or release from prison.
Designated Community Residents: Individuals who are between 18 and 40 years old who live within an Empowerment Zone, Renewal Community, or Rural Renewal County.
Vocational Rehabilitation Referrals: Individuals with disabilities who have completed or are currently participating in vocational rehabilitation services from a state-certified agency.
Supplemental Security Income (SSI) Recipients: Individuals receiving Supplemental Security Income benefits for any month ending within the past 60-day period.
Long-Term Family Assistance Recipients: Individuals who are members of a family that has received assistance under the Supplemental Nutrition Assistance Program (SNAP) or Temporary Assistance for Needy Families (TANF) for at least 18 consecutive months ending on the hiring date.
Qualified Long-Term Unemployment Recipients: Individuals who have been unemployed for 27 weeks or more and received unemployment compensation under state or federal law during some or all of that time.
Summer Youth Employees: Individuals aged 16 or 17 who reside in an Empowerment Zone, Enterprise Community, or Renewal Community and are employed between May 1 and September 15.
Pairing Innovative Technology & Expertise:
Work Opportunity Tax Credit by HRlogics
HRlogics is your premier solution for maximizing the benefits of the Work Opportunity Tax Credit (WOTC) program. Our expert-driven approach simplifies the WOTC process, helping businesses of all sizes leverage this valuable tax credit to its fullest potential. Track your new hires' progress in the WOTC platform to stay updated on all activity and cumulated credits.
Enjoy the convenience of custom reports that can be scheduled and sent to any team member within your organization. Our transparent and flexible reporting system ensures you stay informed, empowering you to make strategic decisions with confidence.
State Job Creation Tax Credits & Hiring Incentives
Maximize your business growth with state job creation tax credits and hiring incentives. Our tax credit experts help you leverage these powerful financial incentives to reduce tax liabilities, enhance workforce expansion, and promote diverse hiring practices in your industry. Explore strategies to effectively utilize state-specific tax advantages and hiring benefits, driving your business forward.
Federal Job Training Grants & Tax Credits
Federal training grants and tax credits empower employers to allocate funds towards training programs aligned with their company's strategic goals and industry standards. The federal government creates these programs to address critical workforce development needs nationwide, ensuring a skilled workforce that can adapt to evolving industries and technological advancements.
JOB TRAINING GRANT Example:
2022 DOL Workforce Opportunity for Rural Communities (WORC) Grant
In 2022, the U.S. Department of Labor (DOL) unveiled substantial $44 million in funding dedicated to the Workforce Opportunity for Rural Communities (WORC) initiative. This program was designed to help workers in Appalachia, the lower Mississippi Delta, and the Northern Border Regions secure good jobs and achieve economic prosperity.
The WORC initiative offered grants ranging from $150,000 to $1.5 million.
Don't Let Hiring Incentives & Job Creation Opportunities Slip Away!
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Hiring Incentives & Tax Credits
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Staying ahead means capitalizing on every advantage available. With the Work Opportunity Tax Credit (WOTC) and other hiring incentives offered by the government, companies have a unique opportunity to bolster their growth and offset rising hiring & training costs.
At Growthlogics, our team of seasoned consultants specializes in navigating the intricacies of WOTC and other tax credit programs, ensuring that your company maximizes its potential benefits. With our integrated technology and expert guidance, you can rest assured that no opportunity goes unnoticed.
Partnering with Growthlogics means staying ahead of the curve. We keep a close eye on legislative changes and program updates, alerting you to lucrative opportunities precisely when they matter most. Whether you're looking to boost your bottom line or foster a more inclusive workplace culture, our tailored solutions can help you achieve your goals.
Don't let valuable tax credits slip through the cracks. Take action now to unlock a brighter future for your business with Growthlogics by your side.
Led by Tax Attorneys, CPAs & Credit Experts
Our leadership has over 150 years of combined tax experience. With $3 billion in incentives captured, you are in good hands with GrowthLogics.
Quality Guaranteed
Growthlogics provides clients with a comprehensive credit packet, detailing your business's eligibility, qualifications, and calculated credits.
Maximum Credit Yield
When you work with Growthlogics, all tax credit and incentive opportunities are explored with a comprehensive business analysis, uncovering full eligibility potential.
Growthlogics is a sister-company to the leader in workforce compliance solutions, HRlogics,