Business owners, make sure to claim your Work Opportunity Tax Credit, available for 2012 and 2013. A business can take advantage of the Work Opportunity Tax Credit if you employ individuals considered a “targeted employee”. Targeted employees include: qualified veterans, long term family caregivers, summer youth employees, SSI, SNAP and TANF recipients and ex-felons. Other targeted employee categories are detailed in IRS Form 5884.
Such targeted employee(s) must have been hired by your company on or after Jan. 1, 2011 and before Dec. 31, 2013. Additional information about the Work Opportunity Tax Credit available to small businesses can be found at http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Work-Opportunity-Tax-Credit-1