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Tax Credit Consulting: Work Opportunity Tax Credit Mitchell SD

Tax credits are often used to encourage activities that are considered beneficial to the society. The credits become political issues that reflect the goals of the Government as well as providing relief to deserving taxpayers. Read more.

Mr. Todd M. Klein (RFC®), CFP
(605) 348-2433
1241 E St. Joseph St
Rapid City, SD
Company
Fintegra, LLC
Qualifications
Years of Experience: 19
Membership
IARFC
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Education Plan

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H&R Block
(605) 332-8081
4601 E ARROWHEAD PKWY STE 101
SIOUX FALLS, SD

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H&R Block
(605) 362-2567
3400 EMPIRE MALL
SIOUX FALLS, SD

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Liberty Tax Service
(866) 871-1040
1943 Dakota Ave S
Huron, SD

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Liberty Tax Service
(866) 871-1040
633 E Sioux Ave # 6
Pierre, SD

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H&R Block Inside Sears At Rushmore Mall
(605) 399-2114
2200 N MAPLE AVESW Suite 8
RAPID CITY, SD

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Liberty Tax Service
(866) 871-1040
532 E Anamosa St
Rapid City, SD

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Liberty Tax Service
(866) 871-1040
5216 W 26th St
Sioux Falls, SD

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Liberty Tax Service
(866) 871-1040
1520 W 12th St
Sioux Falls, SD

Data Provided by:
Carlon & Millar Prof Llc
(605) 996-6850
201 E 4th Ave
Mitchell, SD
 
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Tax Credit Consulting: Work Opportunity Tax Credit

Work Opportunity Tax Credit

The Work Opportunity Tax Credit was extended to 2011 and provides tax credits to employers to encourage them to hire employees from targeted groups.

Work Opportunity Tax Credit

Tax credits are often used to encourage activities that are considered beneficial to the society. The credits become political issues that reflect the goals of the Government as well as providing relief to deserving taxpayers. The Work Opportunity Tax Credit is a good example of this type of Tax Credit. The credit was started in 1996 and has been extended by Congress and will remain in force until 2011. The Work Opportunity Tax Credit, often known as WOTC, encourages employers to hire workers that might otherwise find it hard to find employment.

The employees are called targeted employees. The groups of targeted employees include such groups as ex-felons and people receiving Food Stamps or other forms of Welfare. Other targeted groups were veterans on Food Stamps and members of families receiving various forms of public assistance. The program was politically motivated by the idea of moving more people from the welfare rolls to the workforce. This issue was very popular in the mid 1990's when the credit was begun and remains a hot political issue today.

In its original form the Work Opportunity Tax Credit was a set amount that could be claimed by the employer when he hired an eligible employee during the tax period. The new version allows a percentage of the employees earning to be claimed rather than a set amount. There are certain restrictions in place also. The employees can not be former employees in any way or manner. This is regardless of how long ago the employee had been employed or for how long. Family members of business owners were ineligible as well.

The program has received a great deal of support from the employment services of the various States. Many States pass out information to potential employers informing them of the credit, e...

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