Wisconsin Tax Job Creation Deduction
For taxable years beginning on or after January 1, 2011, companies with annual gross receipts of $5 million or less may take a $4,000 deduction per new, full-time equivalent employee hired. This deduction is reduced to $2,000 for companies with gross receipts of over $5 million. An employer does not need to apply for this deduction as it is automatic.
Wisconsin Jobs Tax Credit
The Wisconsin Economic Development Corporation (WEDC) may award customized tax credits to eligible businesses who create jobs in Wisconsin. These credits range from $3,000 to $7,000 per new hire and are awarded through an application process. To obtain an application, please contact us.
Work Opportunity Tax Credit (WOTC)
The WOTC is a federal income tax credit that provides an incentive for private for-profit employers to hire individuals of certain target groups, which have traditionally faced significant barriers to employment. These credits reduce an employer's cost of doing business and require little paperwork. Employers can save up to $2,400 per new hire. For the Long-Term Family Assistance recipients, the employer can save up to $9,000 per new hire, over a two year time period.