Business Hiring Vets Before January 1 Could Earn Tax Credit
By: Cierra Putman
Updated: November 19, 2012
Are you with a local business looking to hire? If you pick a veteran you could get a tax credit and save thousands of dollars - but time is running out.
Until several weeks ago, Selina Meeks was unemployed. The former Army Reservist is now a paraprofessional in Irondequoit.
"I'm working," Meeks said. "I'm actually doing something that I never ever did before - teach."
The Employment Store, a staffing company in Rochester, helped her land the job.
"Veterans are one of the best populations to put to work," Karyn Haskel with The Employment Store said. "They understand accountability, they understand how to work under pressure, they're awesome reliable folks."
Haskel stresses hiring a military vet is a win win. Company's that hire before January 1, 2013 can apply for a tax credit through the IRS. Regular businesses can earn up to $9,600 in tax credits. Tax-exempt organizations can claim up to $6,240.
Within 28 days of putting a veteran to work all businesses have to fill out a per-screening and certification request in order to get the tax credit. There are also a few other forms tha are found on the IRS' website.
"Right now with the war going on there's a lot of veterans coming back," Meeks said. "They need more help getting back into the job market and that credit actually helps people hire because they need that big tax credit.".
Factors like length of unemployment and hours of work determine exactly how much a company gets.
"It really is just the cherry on top," Haskel said. "You hire a great person and you get extra money for it."
Meeks hopes businesses hire before time runs out.
