A well-placed Veteran is a win for you and the Veteran. It’s win-win that unlocks opportunity.
Kathy Lowrey Gallowitz, LtCol, USAF, Retired
Veterans make your company stronger and can generate income through tax and other financial incentives. Some examples include:
The Work Opportunity Tax Credit is a federal program that offers a tax credit for hiring specific target groups, including qualified Veterans. The credit, ranging from $1,200 to $9,600 per hire, depends on factors such as the Veteran’s length of unemployment and service-connected disability. Employers must submit Form 8850 to the state workforce agency within 28 days of the Veteran’s first day of work. Click here.
Businesses accommodating disabled Veterans can take advantage of the Disabled Access Credit (DAC) providing up to $5,000 in annual tax credits. This credit helps offset costs related to making a business accessible to disabled individuals. Companies should file Form 8826 with their tax return to claim the DAC. Click here.
The Federal Bonding Program is accessible to employers, offering fidelity bonds to those hiring individuals deemed “at-risk,” including certain Veterans. These bonds provide insurance against employee dishonesty, fostering trust between employer and employee. Employers can initiate the process by contacting the state bonding coordinator or the U.S. Department of Labor. Click here.
For employers seeking to enhance the skills of their workforce, the Job Training Grant Program offers financial assistance. While not exclusively for Veterans, this program can be an excellent resource for companies looking to train and up-skill Veteran employees. The grant covers a portion of the training expenses, making it an attractive option for businesses investing in their workforce. Click here.
The skills and attributes Veterans bring to the workforce also save you money by increasing revenue (raising productivity) and decreasing costs (lowering turnover). Your commitment to hiring Veterans honors their service and sacrifice – and BENEFITS YOUR BUSINESS.
Kathy Lowrey Gallowitz, LtCol, USAF, Retired
Thank you to co-author Lionell Hardy, U.S. Army Veteran at Lionell Hardy Entertainment
Need a Speaker? Questions? Contact Kathy@VanguardVeteran.com or 270-945-7286. Register for Vanguard Veteran’s monthly newsletter, here.
Leave a Reply