Please watch this quick video overview to understand the tax credit for hiring a Veteran.
The government offers generous dollar-for-dollar reduction of the income tax owed to incentive businesses to hire certain Military Veterans. While this tax credit shouldn’t be the main reason you add a Veteran to your team, it’s a really nice perk nonetheless!
7 Eagle Group has teamed up with an outside company called Veteran Tax Credits that will do all the “heavy lifting” for you and dramatically increases the likelihood that you will receive a credit for hiring a Veteran. They charge 15% of any award you receive, but you only pay if they’re successful. If they strike out, you owe nothing. Their success rate is much higher than companies that attempt to file the paperwork on their own. We’ll introduce you to them after you hire the Veteran. Click here to get started.
The Veteran will need to have an “honorable discharge” from the military and be unemployed or not working a W2 job for at least one month before the new job begins. Or, he/she can be a transitioning Veteran attending their first job after serving.
$2,400 if the Veteran is unemployed at least one month. $5,600 if it’s been six months or the Veteran is transitioning. $9,600 if it’s been six months or the Veteran is transitioning and the Veteran suffered a service-related disability.
After the Veteran has worked 120 hours.
Any Veteran you are considering hiring can take a short quiz to determine if a tax credit is likely. While this is a good estimator, you won’t know for sure until you file the official tax forms.
No. 7 Eagle Group is NOT affiliated with the Federal Tax Credit program and has no control over whether or not your company receives a credit. We simply provide this information as an added benefit to our clients.
Of course! You may file your own forms if you have a skilled tax professional helping you. Make sure the person has successfully filed tax credits before…it’s complicated!). Our partner is only an option if you’d rather hand off this responsibility.