The Benefits of Work Opportunity Tax Credit Work opportunity tax credit (WOTC), needless to say, offers huge benefits to employers like you. Unfortunately, not a lot of employers know about the benefits of WOTC. Some claim they do not know enough about the whole concept of tax credit so they do not pursue anymoreâ€”even though tax credits such as WOTC can mean lots of savings for the company. Some are daunted by the paperwork needed to process their WOTC applications. Others complain about the process that may prove to be too time-consuming for them and therefore might affect their focus in operating the company. These reasons are perfectly understandable. But there are two immediate benefits WOTC can offer employers like you, benefits that are more than enough for somebody to reconsider. WOTC may result in lots of savings Savings.Lots of them. Any employer in his or her right mind would seriously consider WOTC just for this reason alone. The WOTC program may result in thousands of dollars in federal tax credits per employee who is found eligible under it. We are not talking about pennies and dimes here; we are talking about possibly thousands of dollars in savings. Better reputation The WOTC program focuses on groups of people that face higher-than-the-average rates of unemployment. In a nutshell, the WOTC program is like this: get people from these targeted groups to work for you, and you will get federal tax credits. Not only will you save a lot of money in terms of federal tax credits, but you are also helping other people to improve their standing in life. The WOTC program should not necessarily be a difficult process For employers that have serious doubts if they are capable and have time to process their WOTC applications, automated WOTC screening/processing solutions offered by topnotch companies such as Efficient Hire can be your best friend. With an automated solution, the complex WOTC process can be greatly simplified for both you and your employees. It features an interactive and easy-to-use questionnaire which employees can easily complete, as opposed to the usual WOTC forms and certification process that are rather complex. The guidelines are comprehensively explained and simplified so that employers like you would not have a hard time understanding it. You do not need to hire a tax expert or an expensive outside vendor to understand the whole WOTC process.
Enhanced security With the WOTC screening/processing program of Efficient Hire, you will be assured that records of your company, including the WOTC documents of your applicants who may be eligible, are secure and safe. Only people you authorize have access to these files. Reducing inaccuracies in the records In the traditional encoding and filing of WOTC documents, there is a high probability that some forms will be gone missing, documents incomplete, and the handwriting is too illegible for anyone to understand. With Efficient Hireâ€™s WOTC screening/processing solution, the entire data gathering process becomes easier and less time consuming. More importantly, inaccuracies and other issues in the documents will be greatly reduced.