The IRS reminds businesses that the special credit for hiring veterans will expire soon. Companies that hire unemployed military veterans may qualify for a tax credit of up to $5,600 ($9,600 for vets with service-related disabilities). The credit is available for vets hired before January 1, 2013. The amount of the credit depends on the length of unemployment before being hired and the wages paid during the first year of work. For more information, contact our office.
A law signed by President Obama on November 21, 2011, creates new tax credits for hiring military veterans. A “Returning Heroes Tax Credit” of up to $5,600 per employee is available to employers who hire veterans who have been looking for work for more than six months. A credit of up to $2,400 applies for veterans who have been unemployed for more than four weeks, but less than six months. A “Wounded Warriors Tax Credit” provides a credit of up to $9,600 for hiring veterans with service-related disabilities who have been looking for work for more than six months. Contact us if you need more information.