If your manufacturing company is like many others in the industry, you're having difficulty finding top-notch new hires to expand your workforce as well as to replace employees who are retiring or quitting. At the same time, you'd like to reduce your tax liability for 2022.
Practical solution: Kill two birds with one stone by hiring workers from certain "target" groups. This move can help close the skilled labor gap, and you may qualify for a tax credit — the Work Opportunity Tax Credit (WOTC) — at the same time. What's more, if your company employs certain teenagers during the next few months, it may be in line for a special "summertime" version of the WOTC.