Here's how to claim up to $33,000 per employee in tax credits.
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The COVID-19 pandemic took an immense toll on small businesses across the world. Many were forced to shut down, resulting in significant losses in revenue and millions of employees who were laid off or furloughed. One of the benefits of the CARES Act was to provide these small businesses with an employee retention tax credit to encourage them to keep employees on their payroll.
Although the program has ended, The American Rescue Plan made some big changes and is still allowing eligible small businesses to claim the credit retroactively. Here's how you can still take advantage of the Employee Retention Credit (ERC) and get up to $33,000 per employee.
The ERC is a refundable tax credit for businesses that continued to pay their employees while impacted due to the pandemic. It is equal to 50% of qualified wages up to $10,000 for 2020 and 70% of qualified wages and certain healthcare expenses up to $10,000 for 2021. The Infrastructure Investment and Jobs Act retroactively ended the ERC...
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