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Grab a red-hot tax credit for summer workers

by on
in Small Business Tax Deduction Strategies

The usual Work Opportunity Tax Credit (WOTC) is equal to 40 percent of the first $6,000 in wages paid to a qualified worker during the year. It’s a year-round proposition.

Strategy: Hire disadvantaged teenagers to help out this summer. That may entitle you to special summertime tax credits in addition to the regular credits. The credit for a summer youth worker is capped at 40 percent of the first $3,000 in wages.

To qualify, the youth must be age 16 or 17 and be hired between May 1 and Sept. 15. As with the other jobs credits, you must secure certification for those workers.

Tip: If you keep a summer youth on the payroll longer, they also may qualify for the WOTC or welfare-to-work credit.

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