Veterans Benefts

Tax Credits for Employers Hiring Veterans by Dec 31

IRS Urges Employers to Hire Veterans by Dec. 31, Save on Taxes

Employers looking to hire sometime soon are urged to consider hiring veterans. Such hiring may entitle the employer to claim the federal Work Opportunity Tax Credit worth thousands of dollars. Employer must however act soon…the WOTC is available to employers that hire qualified veterans before the new year.

Some key facts about the WOTC include:

1. Hiring Deadline. To qualify for the WOTC, Employers must hire qualified veterans before Jan. 1, 2014. Though the credit was previously set to expire at the end of 2012, the American Taxpayer Relief Act of 2012 extended it for one year.

Top Ten Biggest Tax Breaks

A lot of speeches have been given of late about tax cuts,  tax breaks, deductions, etc.  So, who gets  the biggest tax breaks?  According to New  York Tax Attorney at Thorgood Law Firm, the Top Ten tax breaks are:

  1. $181 billion – Employer contributions towards workers’ medical insurance premiums and medical care
  2. $165 billion – Various retirement plan contributions and earning not taxed
  3. $101 billion – Mortgage Interest deduction
  4. $84 billion – Lower tax rates on long-term capital gains and qualified dividends
  5. $69 billion – Deduction for state and local taxes
  6. $46 billion – Deduction for charitable contributions