Employers planning to claim an expanded tax credit for hiring certain veterans should act soon, according to the IRS. Many businesses may qualify to receive thousands of dollars through the Work Opportunity Tax Credit, but only if the veteran begins work before the new year.

Here are six key facts about the WOTC as expanded by VOW to Hire Heroes Act of 2011.

  1. Hiring Deadline: Employers may be able to claim the expanded WOTC for qualified veterans who begin work on or after Nov. 22, 2011 but before Jan. 1, 2013.
  2. Maximum Credit: The maximum tax credit is $9,600 per worker for employers that operate for-profit businesses, or $6,240 per worker for tax-exempt organizations.
  3. Credit Factors: The amount of credit will depend on a number of factors. Such factors include the length of the veteran's unemployment before being hired, the number of hours the veteran works and the amount of the wages the veteran receives during the first-year of employment.
  4. Disabled Veterans: Employers hiring veterans with service-related disabilities may be eligible for the maximum tax credit.
  5. State Certification: Employers must file Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit, with their state workforce agency. The form must be filed within 28 days after the qualified veteran starts work. For additional information about your SWA visit the U.S. Department of Labor's WOTC website.
  6. E-file: Some states accept Form 8850 electronically.

Visit the IRS.gov website and enter 'WOTC' in the search field for forms and more details about the expanded tax credit for hiring veterans.

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Upcoming Tax Dates

August 1 — Form 720 taxes
File Form 720 for the second quarter of 2016.

August 1 — Wagering tax
File Form 730 and pay the tax on wagers accepted during June.

August 1 — Heavy highway vehicle use tax
File Form 2290 and pay the tax for vehicles first used in June.

August 1 — Social security, Medicare, and withheld income tax
File Form 941 for the second quarter of 2016. Deposit or pay any undeposited tax under the accuracy of deposit rules.

August 1 — Certain small employers
Deposit any undeposited tax if your tax liability is $2,500 or more for 2016 but less than $2,500 for the second quarter.

August 1 — Federal unemployment tax
Deposit the tax owed through June if more than $500.

August 1 — All employers
If you maintain an employee benefit plan, such as a pension, profitsharing, or stock bonus plan, file Form 5500 or 5500EZ for calendar year 2015. If you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year ends.

August 10 — Employees who work for tips
If you received $20 or more in tips during July, report them to your employer - Details

August 10 — Social security, Medicare, and withheld income tax
File Form 941 for the second quarter of 2016. This due date applies only if you deposited the tax for the quarter timely, properly, and in full.

August 10 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 15 days of July.

August 12 — Regular method taxes
Deposit the tax for the last 16 days of July.

August 15 — Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in July.

August 15 — Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments in July.

August 25 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the last 16 days of July.

August 29 — Regular method taxes
Deposit the tax for the first 15 days of August.

August 31 — Heavy highway vehicle use tax
File Form 2290 and pay the tax for vehicles first used in July.

August 31 — Wagering tax
File Form 730 and pay the tax on wagers accepted during July.

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