Tax Credits for Hiring Veterans Survive 2013 Budget Cuts
Attention Veteran Business Owners:
Tax credits for employers who hire military veterans or people belonging to certain disadvantaged groups (for example, people receiving government assistance or living in distressed areas) have survived the anticipated small business budget cuts.
Although tax credits for hiring the disadvantaged expired in 2011 and those for hiring veterans expired at the end of 2012; both have been extended through 2013.
The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers for hiring individuals from certain target groups who have consistently faced significant barriers to employment. WOTC helps targeted workers move from economic dependency into self-sufficiency as they earn a steady income and become contributing taxpayers, while participating employers are able to reduce their income tax liability.
The maximum tax credit ranges from $2,400 to $9,600, depending on the employee hired.
Several other items of interest to small business owners were extended in the 2013 budget including provisions for research and development, exemptions for charitable food donations and extended credit on stock and business investment depreciation.
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