Veteran-Focused Hiring Yields Higher Tax Credit Results
Hiring in 2017 will be the focus for many employers, and veterans can shine in search results that showcase them as tax-credit eligible. A CareerBuilder/Harris Poll survey found that 40% of employers plan to hire full-time employees in 2017, the strongest hiring forecast in 10 years and up from 36 percent at the start of 2016.
The Work Opportunity Tax Credit (WOTC) is a federal program that encourages employers to hire job seekers in various target groups. These include:
Vocational Rehabilitation Referrals
Of the 310 million people living in the United States, roughly 125 million are employed on a full-time basis. However, 100 million fall into one of the target groups mentioned above. The tax credits apply dollar-for-dollar against taxes owed, and can be carried forward up to 20 years.
Hiring Veterans Yields Higher Tax Credit Results
Veterans usually qualify in more credit categories than civilians do, such as service-connected disabilities. Employers that orient their hiring toward veterans will see a larger tax credit value. The average veteran tax credit value to employers is $4,478, with the average civilian tax credit value coming in at $3,468. Between 40-50% of veterans qualify for some form of tax credit, compared to only 20% of civilians.
MilitaryTaxCredits.com Helps Veteran Job Candidates Use WOTC to Their Advantage
“While RecruitMilitary remains the expert in recruiting veterans, there was a gap in our offerings. Tax credits are intricate and complex, so we partnered with the experts at MyJobCredit. Together, we created MilitaryTaxCredits.com (MTC). Now we can offer 360-degree expertise when it comes to recruiting veterans,” said Mike Francomb, Senior Vice-President of Development at RecruitMilitary.
By taking a simple “yes” or “no” survey through MilitaryTaxCredits, veteran job seekers can earn “BlueBadge” certification in RecruitMilitary’s registered veteran candidate database as tax-credit eligible, thereby bolstering their online profile. By clicking on a certified candidate’s profile, employers can also view the amount of the credit. An online dashboard makes it easy for employers to track the entire process.
Dean Rehfeld is the CEO of MilitaryTaxCredits.com and urges veterans to maximize their government benefits by taking the three-minute survey to see if they qualify for tax credits. “The government's hiring incentive program is designed to help job seekers gain meaningful employment. It's an incentive for the employer to hire ‘you.’ The BlueBadge is a powerful tool that qualified candidates can leverage in their job search. The job seeker can attach it to their resume, share it with recruiters. The BlueBadge is also posted in RecruitMilitary’s database on the job seekers profile - helping the job seeker stand out from the crowd,” he said.
Veteran job candidates who qualify for tax credits also receive an emailed certificate. They can then pull up during an interview to show a potential employer. “Candidates routinely do this at our veteran career fairs across the country,” said Francomb.