David McMillan talks about the Work Opportunity Tax Credit
Friday, April 22nd, 2011
David McMillan of McMillan and Associates talks about a federal tax credit received for hiring one of nine different target groups of people and gives a few different examples of how the credit program works.
Hi, my name is David McMillan with McMillan and Associates and today I want to talk to you about a federal tax credit for hiring certain types of individuals. This tax credit is called the Work Opportunity Tax Credit, and it states that any time you hire somebody who’s been on one of nine different target groups, you can receive anywhere from up to $2,400 to $9,000 for each qualified new hire. For example, some of these target groups include hiring people who are receiving food stamps, social security benefits, hiring a veteran, even hiring an ex-felon are some of the more common target groups. This tax credit also goes as far as hiring people whose family members are on these government assistance programs. For example, if you hired me and my brother who lived in the same household was on food stamps, your company would be entitled to receive $2,400. Many companies do not know about this tax credit because the Federal Government doesn’t market this program. But you’re entitled to $2,400 or up to $9,000 for each new hire. From our experience, we found anywhere from 10 to 25% of your new hires will qualify depending on your industry. For more information, you can visit us on the web at MCATaxCredits.com. Thank you.
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