Businesses and certain tax-exempt organizations are eligible to receive a tax credit for hiring veterans through the VOW to Hire Heroes Act of 2011 that became law in November.
Employers who hire veterans before Jan. 1, 2013 can receive the tax credit, as high as $9,600 per veteran for businesses and $6,240 for tax-exempt organizations. Employers who hire veterans with service-related disabilities may be eligible for the maximum credit. The law allows employers one tax credit per eligible veteran hired. Factors that affect the size of each credit include the length of the veteran's unemployment before hire, hours worked and the amount of wages paid.
For more information about this new tax credit, including forms and filing deadlines, visit: www.irs.gov/businesses.
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