Hire a veteran for a strong candidate AND a tax credit
As we inch closer and closer to the edge of the financial cliff, many companies are taking a hard look at their budgets and projects they have planned for the rest of the fiscal year to see how potential tax hikes could affect future profitability.
With so many credits going out of the window, financial advisers are urging businesses to take advantage of as many credits as possible before they expire at the end of the year. There’s still time left for businesses, especially small business owners, to receive one in particular, the veteran’s credit, which rewards companies for hiring and adding veterans into the payroll.
Businesses have until December 31 to hire a veteran and prove that the company qualifies for the Expanded Tax Credit. Interested businesses should fill out federal form 8850, known as the Pre-Screening Notice and Certification Request for Work Opportunity.
Relatively straight forward credit
Depending on how long the veteran has been unemployed, the hiring company can receive a maximum of $6,240 (if a tax exempt company) or $9,600 (if for-profit) per worker. Other specifications are factored in as well, such as how many hours this person works for your company and their wage amount.
The credit benefits both sides as veterans receive a sense of self-fulfillment pursuing a venture they’re passionate about, and companies are rewarded for hiring people who have served our country. And the requirements for receiving this credit are relatively simple to implement when compared to specifications for other credits.
If you’re looking to make additions to your work force or could benefit from having a senior staff member with a long-ranging work history or strong values and work ethic, then hiring a veteran gives allows your company to add on a staff member that fits your mission and receive benefits for doing so. There are still 12 days left in the year, so review your goals for 2013 and decide if this credit that is plausible and would work well for your business.