VI Businesses Cut Your taxes- Receive Up To $9600 For hiring a Veteran

VI businesses, here's a way to cut your taxes and THANK a VETERAN---hire him or her, even for short term(see below article , up to $2400 for 4 weeks -six months) or long term up to $9600 tax credit.

Since relocating to Stx Croix over 2 years ago, it has been a full time job to find a full time job---fortunately for me, I recently accepted a position working for the Virgin Island National Guard as the Energy Officer.

Being a 22 year veteran, two combat tours in Iraq, I am appreciable of the law and the nice tax credit for businesses hiring veterans.

The recent law passed and signed by President Obama, allows businesses to receive a credit up to $9600 for hiring a veteran----not a deduction, a credit which so as the article says mean more.

However, government reports only small percentage of businesses take the credit---and are eligible because veterans are hired, but the businesses dont know about the credit or don't fill out paperwork. VI businesses, here's a way to cut your taxes and THANK a VETERAN---hire him or her, even for short term.

A MUST for a business to receive the credit:(see article below)

To receive a credit, business owners must apply with their state workforce agency within 28 days of hiring by filing Form 8850, Pre-Screening Notice and Certification for Work Opportunity Tax Credit (WOTC).

Bottom line, "Your Best Bet Is To Hire A Vet"-----and receive a tax credit Effective Nov. 21, 2011, employers can apply for the Returning Heroes Tax Credit and the Wounded Warriors Tax Credit offering:

up to $5,600 for hiring long-term unemployed veterans (more than six months);
up to $2,400 for hiring short-term unemployed veterans (four weeks - six months); and
up to $9,600 for hiring vets with service-related disabilities who have been unemployed for six months or longer in the past year.
To receive a credit, business owners must apply with their state workforce agency within 28 days of hiring by filing Form 8850, Pre-Screening Notice and Certification for Work Opportunity Tax Credit (WOTC).

These new credits are scheduled to expire after Dec. 31, 2012. (Note: WOTC credits for other targeted groups are still due to expire. For more information, read our article on the Work Opportunity Tax Credit.)

This content has been provided by Patriot Software, Inc., developer of online payroll software and other small business software for American employers. For more information, visit www.PatriotSoftware.com.