HOUSTON--(BUSINESS WIRE)--WizeHire, Gartner-rated as the number one user-friendly, effective hiring solution for small businesses, today announced its initiative designed to help employers obtain thousands of dollars in unclaimed refundable tax credits.
The recently renewed Work Opportunity Tax Credit (WOTC) is a federal incentive available to employers for hiring individuals from certain targeted groups who have consistently faced significant barriers to employment. But nearly 85% of companies who qualify for employment tax credits—typically at least $2,000 per hire—never apply either because business owners don’t know about the program or because the application process is complex.
WizeHire solves this problem with a simple two-step process. Through WizeHire’s integration, small businesses can easily send a one-minute survey to new hires. Then, employers are connected with a tax professional who takes care of the rest, if they qualify. On average, companies get at least $2,000 per eligible per hire with a maximum credit of $9,600 per hire for a one-year period.
One of the hardest-hit groups that is WOTC-eligible is the long-term unemployed, those who are jobless for 27 weeks or more. As of March, this group made up 43% of all unemployed workers. That means nearly half of new hires in the coming months will qualify small businesses for WOTC.
“This is money employers need right now. Finally, there’s an easy way to put these dollars back onto Main Street,” said WizeHire CEO Sid Upadhyay. “We’re so excited to support fellow small business owners through the recovery.”
To help get more small businesses back on their feet, WizeHire has teamed up with RetroTax, a 25-year, family-owned business that focuses primarily on tax credits. They provide employers with the frontline support needed on complex paperwork at no upfront cost. RetroTax works with companies like WizeHire to identify applicants who may be great candidates for WOTC, including those on long-term employment.
“We have known for years how valuable refundable tax credits can be for small business owners,” said RetroTax Chief Revenue Officer Natalie Commons. “We’re thrilled to be partnering with a company that is as invested in supporting these companies as we are.”
A credit of a few thousand dollars per employee could make the difference between whether a small business rebounds from the pandemic. In the 2020 Small Business Credit Survey, 17% of small businesses said they would have to close down or sell if they experienced a two-month loss in revenue and almost half (47%) stated they would use personal funds to sustain their business through a rough period.
“WizeHire has made the WOTC process so easy for our organization,” said SpinXpress CEO Bhavin Patel. “We’ve hired great candidates and gotten approvals for tax credits already. That’s money that we can invest back into our people.”
WizeHire is a recruiting platform that makes it easy for small businesses to grow their teams. WizeHire started in 2014 as a way to give busy small businesses the elevated hiring experience that was only available to large corporations. Their expert hiring coaches and smart recruiting software give business owners the support and resources that make hiring easy. Over 7,000 businesses trust WizeHire to help them build the best team. Find out more at WizeHire.com.