Fortunately, Kaydee Ruppert, Dean Dorton Accounting & Financial Outsourcing Manager, has put together a simple guide to help you navigate and maximize your opportunity.
Learn about the eligibility guidelines, calculation process, and documentation requirements. Plus, learn how to use our ERTC calculator and find out what wages qualify.
Easy to Use
The ERTC calculator is designed to help business owners understand how much they could receive from this valuable credit. It is easy to use and provides accurate estimates. It also helps businesses see how different variables can impact their potential credit amounts.
The ERC and ERTC Program is designed to help companies offset the financial setbacks they experienced due to coronavirus restrictions by offering a credit against federal employment taxes they owe. The credit can be claimed for both 2020 and 2021 and is based on wages paid and health plan costs that were incurred by the company.
Getting the most from this credit requires careful consideration of all aspects of your company’s circumstances. It is a good idea to work with trusted tax professionals who have experience in this area and can provide guidance and advice about how to maximize your claim. These professionals should be able to explain how the process works and can answer any questions you may have about how the credit is
calculate
d and filed.
Accurate Estimates
The ERTC calculation can be complex, and there are many rules that need to be followed in order to qualify for the credit. These nuances include excluding owner wages and defining what a business is considered to be âshut downâ or âpartially shut downâ from a qualifying perspective. In addition, there are specific rules around when a business is eligible to apply for ERTC for 2021 and how much of the credit it can claim for each quarter.
An ERTC Calculator can simplify this process and help businesses ensure that they are receiving the maximum amount of credit possible. This tool will take into account the eligibility criteria, qualified wages, and credit percentages in order to calculate an accurate estimate of the amount of ERTC that a company may be eligible to receive. This tool can help business owners save time, money, and frustration by ensuring that they are not overpaying their employment taxes for the year.
Gives Business Owners More Control
Unlike other relief options such as loans or grants, the Employee Retention Credit (ERC) is designed to reward and reimburse businesses for the hard work they put in during the COVID-19 pandemic. This refundable tax credit is available for companies who can prove their business was negatively affected by full or partial shutdowns during 2020 or 2021 and a significant decline in gross receipts.
Business owners can use ERTC credits to cover expenses such as sick leave, bonuses, and supplemental pay that was given out to employees during periods when operations were suspended due to government orders related to the coronavirus pandemic. This credit can also be used to cover health insurance and other personnel costs that might have been incurred to keep employees on the payroll.
To make the most of this refundable tax credit, business owners can work with an ERC processor that will verify eligibility and complete Form 941-X on their behalf. A good processor can help you quickly find out how much you might be eligible for and give you a general timeline on when youâll receive your refund.
Gives Business Owners More Confidence
The ERTC program is a complex set of regulations that can be difficult to navigate.Using a calculator How does the ERTC Work can help you save time and ensure that no details are overlooked when calculating potential savings. This can give you confidence that your business is maximizing its benefits.
The calculator can also help you determine your eligibility for the ERTC program. It asks questions about your companyâs gross receipts and employee counts during 2020 and 2021. It also includes any government orders that impacted your business operations. The calculator will also ask you about any health insurance premium contributions or premium assistance programs that were offered to employees during this period.
If youâre looking for help navigating the intricacies of the ERTC program, consider working with ERC Today. This reputable tax service firm is experienced in calculating the credit and can provide you with the support and guidance that you need to maximize your benefits. They also offer a tiered fee structure that aligns with the value of your ERTC credit amount
