Have you or your business applied for Employee Retention Credits? These are special tax credits offered by the government to help employers who kept their employees on payroll during the COVID-19 pandemic. If you're eligible, you can claim a tax credit for a portion of the wages you pay to your employees, up to $26,000 per employee. It was a way for the government to help businesses keep their employees on the payroll and keep the economy going during that difficult time.
How does this work? For example, let's say a business is eligible for the Employee Retention Credit and has 10 employees. Each employee earns a salary of $4,000 per month. The business pays a total of $40,000 in wages to its employees each month. Under the Employee Retention Credit, the business can claim a credit of 50% of the wages paid to its employees, up to a maximum of $5,000 per employee. In this scenario, the business can claim a credit of $20,000 for the month (50% of $40,000), which can be used to offset the business's federal payroll taxes.
Employers can claim back 50% of the money they paid to the employee, with a maximum of $10,000 per employee. Employers must show that their business was affected by COVID-19 in order to get the credit. This is non-taxable and does not have to be paid back.
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