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Employing an Unemployed Veteran
If you are considering or have already hired an unemployed veteran, you may qualify for a special credit that the government has provided as an incentive to hire veterans. Here is the rundown.
The credit is 40% of first-year wages (but not exceeding $6,000), for a maximum credit of $2,400 (.4 × $6,000). A qualifying veteran is one who has been discharged or released from active duty in the Armed Forces at any time during the five-year period ending on the hiring date, and who receives unemployment compensation for no less than four weeks during the one-year period ending on the hiring date. The veteran must have served for more than 180 days or been released from service due to a service-connected disability. You will need to obtain certification from your state workforce agency.
Please call if you have additional questions.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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