IRS Encouraging Employers to Hire Veterans so They Can Claim Work Opportunity Tax Credit

Dec 04, 2013 -- 9:44am

The IRS is encouraging employers to hire veterans so they can save money on their taxes.

Employers are being encouraged to hire veterans by the end of this month so they can claim the federal Work Opportunity Tax Credit. The tax credit is available to employers who hire qualifying veterans, and is available for one more year following the passage of the American Taxpayer Relief Act of 2012.

The tax credit limit is $9,600 per worker, and $6,240 per worker for employers who are tax-exempt. Employers who hire veterans with disabilities related to their military service may be eligible for the maximum tax credit. Employers have to file Form 8850 to claim the credit.

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