Taking advantage of tax incentives: navigating the WOTC
The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers who hire veterans, among other designated groups, who face significant barriers to employment. If you’re interested in hiring a veteran and want to utilize the WOTC, here’s a run-through:
- An employer submits an IRS Form 8850 and ETA Form 9061 to their state workforce agency, no later than the 28th day after the eligible employee begins work.
- If the state workforce agency approves the application for the tax credit, then the employer may claim the tax credit as a general business credit against their income tax.
- The amount of the credit will depend on the veteran’s employment period and the wages paid.
Therefore, hiring veterans can not only help enhance your workforce but also improve your bottom line through these helpful tax credits.
The strengths of veterans as employees
Veterans come with a multitude of strengths honed through their military training and experiences. One of the key ones is their physical resilience. In a junk removal business, physical strength and endurance are vitally important, and veterans, in general, are conditioned to excel in such physically demanding environments.
Leadership is another strength veterans bring along. Even at the entry-level, veterans often display a greater sense of responsibility and initiative than their peers. They’re used to working in a hierarchical environment, they respect authority, and they have the ability to make critical decisions under pressure.
Veterans are also trained to work efficiently in teams. This ability to collaborate and cooperate is indispensable in a junk removal business where teamwork is critical to meeting deadlines and ensuring customer satisfaction.
How can I effectively recruit veterans?
Hiring a veteran comes with a process and some may find it difficult to navigate effectively. Here are some organizations that can help you connect with a veteran for hire.
Career One Stop – Sponsored by the U.S Department of Labor – This website has tools and resources to serve job seekers and employers to enhance their careers and employment opportunities.
Hiring Our Heroes – an affiliate of the U.S. Chamber of Commerce Foundation – This site is a nationwide initiative to aid veterans, transitioning service member and military spouses to find meaningful employment opportunities.
Hire a Veteran – is a project under the U.S. Department of Labor – This website is a portal to finding veteran employees as well as provides many resources and toolkit’s on various programs when hiring veterans.
VA for Vets – Dept. of Veterans Affairs – Website of resources for employers when hiring Veterans.
Unique qualities of a military veteran employee
Beyond their tangible strengths, veterans also bring a wealth of invaluable qualities to your business. One of the striking qualities associated with veterans is their discipline, punctuality, and respect for rules and regulations. They’ve been trained to follow instructions accurately and can be relied upon to work autonomously, reducing the need for constant supervision.
Their problem-solving and improvisation skills are other valuable qualities. In the military, situations fluctuate rapidly, and veterans have been trained to devise strategic solutions promptly. Their ability to adapt and respond to changing circumstances efficiently makes them great assets, particularly in an environment like junk removal where unforeseen circumstances may often arise.
Lastly, their integrity and commitment to service are unmatchable. Veterans are committed to putting in their maximum effort to complete the task at hand. On top of that, they bring a strong ethical standpoint to your business, delivering tasks earnestly and honestly.
In conclusion, hiring military veterans for your junk removal business brings in a host of benefits – from gaining tax credits through the WOTC to leveraging their unique traits that can significantly improve your operations and customer satisfaction. By employing a veteran, you’re not only giving back to those who served our country, but you’re also hiring a highly skilled, dependable, and motivated individual who can contribute immensely to your business’ success.