Employee Tax Credit
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 one of the leading tax credit specialists in the country, clients of Springboard Funding Partners are receiving business tax refunds ranging from $315,000 for a 20 employee company to over $2,000,000 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 paid in 2020 and 2021.
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. The credit is paid as a check to your business and mailed to you directly. 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, PER QUARTER, for Q1, Q2 and Q3.
Companies may qualify for the Employee Retention Tax Credit in two ways:
1) A government order partially or fully impacted your business in 2021 and or 2021, such as limited occupancy levels at your place of work. A tax credit specialist can discuss other examples with you.
2) Your company had a 20% revenue drop during any of the first 3 quarters in 2021 compared to the same quarter in 2019, and or a 50% revenue drop in any quarter in 2020 vs the same quarter in 2019.
There is no cost to check into whether your company qualifies for the ERC refund. The tax credit firm will quote you a price dependent on the amount of the tax credit your company may be eligible for, You do not any payment until after you receive your refund from the IRS.
Current examples of tax refunds received as a result of applying for ERC.
Companies with 10 or more w2 full and/or part time W2 employees should definitely consider setting up a call to determine if they qualify for the amazing tax refund available through the ERC!
The following are a few examples of the refunds received by clients to date, or in processing to be received.
11 employee law firm – $120,452
20 employee restaurant – $312,000
32 employee Church with associated school – $300,000
100 employee franchisor – $1,700,000
300 employee company – $2,100,000
Professional Expertise Across the United States
Many 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.
I have over 30 years of helping clients, and my extensive expertise and professional network ensure you get the best possible financial services for your business.