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New tax credit for hiring vets

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in Small Business Tax,Small Business Tax Deduction Strategies

Congress has passed new legislation providing an expanded tax credit to employers that hire unemployed veterans. The maximum credit is $5,600 for hiring veterans who have been out of work at least six months; $9,600 for hiring unemployed vets with disabilities.

The new law also repeals a 3% withholding requirement on government payments to contractors.

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