A Significant Business Tax Refund My Be Yours Through the Employee Retention Tax Credit
Every small and medium size business should look into whether they qualify for the amazing tax benefits provided through the Employee Retention Tax Credit program. Through our relationship with tax credit specialists across the country, clients of Springboard Funding Partners with files submitted will be receiving business tax refunds ranging from $150,000 for a 20 employee company to close to $1,000,000 for a 120 employee company. Every case will differ depending on many factors to be determined in counsel with tax credit professionals. The Employee Retention Tax Credit is a refundable tax credit against certain employment taxes.
Details About the Employee Retention Tax Credit
The business tax refunds available through the Employee Retention Tax Credit can provide significant operating cash flow for eligible small and medium size businesses. In 2020, the maximum tax credit companies can get for 2020 is $5,000 for every W2 employee, with a maximum of 100 employees to qualify. The full-time employee count for 2021 increases to 500, with the tax credit maxing out at $7,000 per W2 employee. Companies may qualify for the Employee Retention Tax Credit in two ways. One way is if a government order partially or fully impacted your business, such as limited occupancy levels. A tax credit specialist can discuss other examples with you. The other way you may qualify is if your company had a 50% revenue drop during any quarter in 2020 compares to 2019 in the same quarter.
The Benefits for 2021 Are Even Better
If you apply for the 2021 tax credit or refund, the maximum refund and employee count go up significantly. Qualifications are also different from the 2020 credit. First, your quarter-one revenue only has to drop at least 20% compared to quarter-one of 2019. The second test companies may use to qualify is the full or partial shutdown test. You only need to meet one of the two tests to qualify for the Employee Retention Tax Credit (ERTC). Springboard Funding Partners has helped numerous clients benefit from the ERTC. With our assistance, the tax credit specialist has secured significant refunds. A few examples are an 11-employee company receiving $120,452, a 21-employee company getting $156,540, and a 121-employee company receiving $378,500.
Professional Expertise Across the United States
Most companies may qualify for the Employee Retention Tax Credit, and Springboard Funding Partners can keep you informed on your eligibility and connected to professional assistance. We have over 30 years of helping clients, and our extensive expertise and professional network ensure you get the best possible financial services for your business.