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Get up to $26,000 per W2 Employee Through The ERC Tax Credit
Get up to $26,000 per W2 Employee Through The ERC Tax Credit.
What is Employee Retention Credit (ERC)?
Check this link for more details https://bit.ly/3V3nEfP
The Employee Retention Tax Credit (ERTC) is an IRS tax credit designed to help small businesses retain their employees during these difficult times. The credit refunds payroll costs already spent.
There is no need to pay back the ERTC, and is in a sense, similar to the stimulus check that the everyday taxpayer received. Any business structure under 500 employees can potentially qualify. This includes even non-profits and start-ups.
How do I know if I qualify?
In order to qualify for the ERTC your business had to have been affected in one of two ways.
A decline in gross receipts over a declared quarter. Over any declared quarter in 2020, a decline of 50% or more must be shown to claim the credit; however the credit is capped at $5,000 for the year. In 2021 the credit was expanded for businesses who only experienced a 20% reduction in revenue. For each individual quarter in 2021 businesses can be eligible for up to $7,000 in credits per employee.
Either a “Complete or Partial” Closure of your business. All across the United States, local government restrictions and mandates were put into place; social distancing, being compelled to work from home, or even the closure of your business in its entirety.
See more Details here on this link https://bit.ly/3V3nEfP
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