How to Qualify For Tax Credits up to $26k per Employee.

COVID-19 has been a challenge for all of us. As the world shut down the economy came to a halt, leaving the future of many businesses in a precarious position. As we begin to find normalcy again, businesses now have to focus on recovering and fortunately, several government programs are easing this process. Revenue-sharing program: The revenue-sharing program is designed to reduce the burden of paying for business interruption during a major disaster by sharing the cost with state and local government. This enables businesses to focus on recovery and rebuild, while providing some relief to jurisdictions that have been hit hard by recent disasters. For example, the state of Texas has approved $1 billion in aid funds and will participate in a revenue-sharing program when available.

One such program is the Employee Retention Credit or ERC, which is a generous stimulus program designed to bolster those businesses that were able to retain their employees during this challenging time. Due to the extremely complex tax code and qualifications, it is severely underutilized. Details of the program include: The credit is designed to provide a job stimulus and tax benefit for companies that have been able to maintain employment levels during the current economic downturn. The program is designed to help businesses maintain or increase their staff numbers. The credit can only be used by eligible employers that have no more than 100 employees and that have been in business for at least one year prior to the start of 2009.To qualify, firms must keep their payrolls at or below 150% of the average.

 Up to $26,000 per employee

 Available for 2020 & Q1-Q3 2021

 Qualify with decreased revenue or COVID event

 No limit on funding (ERC is NOT a loan)

 ERC is a refundable tax credit

When an eligible employer (from every type of trade or business) is claiming the credit, they’re receiving up to $26,000 per employee.  The best part? These funds are NOT a loan..NOT a grant. You are receiving cash back on the payroll you already paid. What this means for you is the funds can be used however you choose. You can pay down debt incurred during the pandemic, expand your business, hire additional staff etc.

Have we got your attention? Great! So, maybe you’re asking why should I work with you?

Great question! LINQQS has filed for more than 24,000 businesses nationwide. That means we have experience in working within numerous businesses across multiple industries. We know and follow the IRS’s complex process to claim your tax credit while ensuring full compliance.

While the tax code is complicated, the process to file with us is simple. You can start with either a free, no obligation consultation or by filling out a brief questionnaire to help us understand how you qualify. In about 15 minutes you’ll know if you qualify and what your estimated credit will be. www.ERCelta.com  

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Example 1: You are a restaurant owner and had to close, limit your on-site dining or reduce your hours due to COVID-19 restrictions.

Example 2: You own a business that relies on meeting with clients in person and you had to cancel meetings due to COVID-19 restrictions.

Example 3: You own a business that had to reduce your operating hours due to COVID-19 restrictions and cleaning requirements.

Example 4: You own a business that experienced supply chain issues and delays. These issues resulted in production timelines, cancelled projects, reduced inventory, etc.

Example 5: You own a business with planned events that were cancelled, or attendance restricted due to COVID-19 restrictions. These events contribute to your business growth, sales or gaining clients.

We are excited to see the employee retention credit gaining awareness, but the clock is ticking and there have been numerous changes to the legislation since introduced. Don’t miss your opportunity to claim your funds. Call or fill out the questionnaire today. Visit www.ERCelta.com   or call 702-767-4525 to get started.

 

We look forward to assisting you in redeeming your credit!

Elta Rahim

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