Ep 77: How to Maximize the Work Opportunity Tax Credit (WOTC) for Your Clients

Episode 77: How to Maximize the Work Opportunity Tax Credit (WOTC) for Your Clients

Guest: Jeff Newcorn

Overview

Welcome to the Financial Advisors Want to Know Podcast! I’m Catherine Tindall, CPA with Dominion Enterprise Services, where we help financial advisors navigate income tax planning and compliance.

Today’s guest is Jeff Newcorn, Founder and President of R. Jeffrey Tax Credits. With over 25 years of experience in WOTC and 18 years in the Employee Retention Credit, Jeff is a national expert helping businesses tap into valuable federal hiring incentives. He breaks down how advisors can help their business-owner clients unlock significant tax savings through the Work Opportunity Tax Credit.

Key Takeaways

✅ WOTC Encourages Inclusive Hiring – The Work Opportunity Tax Credit provides federal tax credits for hiring from target groups like veterans, food stamp recipients, and the formerly incarcerated.

✅ Big Value for High-Turnover Industries – Businesses in sectors like retail, restaurants, and home care can benefit most, with credits ranging from $1,000 to $2,400 per qualifying employee.

✅ Advisors Can Add Major Value – Financial advisors can set themselves apart by educating business-owner clients about the WOTC, helping them reduce tax liabilities and improve cash flow.

✅ It’s Easy to Implement – WOTC screening can be integrated into the hiring process with just a few simple questions during onboarding. Approved credits are claimed in regular tax filings.

✅ Keep an Eye on Legislative Updates – WOTC is extended through 2025, but ongoing advocacy efforts may impact its future. Advisors should stay informed to support their clients effectively.

Connect with Jeff Newcorn

🌐 R. Jeffrey Tax Credits
🔗 LinkedIn
📞 224-420-2846

Connect with Catherine Tindall

🔗 LinkedIn
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📧 Email: admin@dominiones.com
🌐 Visit Dominion Enterprise Services

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