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There's still time to claim your Employee Retention Tax Credits (ERTC's)! Although the program is only available for wages paid through September 30, 2021, you still have time to file and claim the credit for wages paid before that date. The ERTC offers a credit of 50% of eligible wages paid, up to $10,000 per employee per year, for 2020. For 2021, the credit is 70% of eligible wages paid, up to $10,000 per employee per quarter. What this means is there is a potential credit available of up to $26,000 per employee. To be eligible, you must have either a significant decline in gross receipts for the quarter, or have been shut down by government order. Most owner's wages are not eligible. Talk to your CPA about determining if you're eligible for the credit!
By Gina TallmanThere's still time to claim your Employee Retention Tax Credits (ERTC's)! Although the program is only available for wages paid through September 30, 2021, you still have time to file and claim the credit for wages paid before that date. The ERTC offers a credit of 50% of eligible wages paid, up to $10,000 per employee per year, for 2020. For 2021, the credit is 70% of eligible wages paid, up to $10,000 per employee per quarter. What this means is there is a potential credit available of up to $26,000 per employee. To be eligible, you must have either a significant decline in gross receipts for the quarter, or have been shut down by government order. Most owner's wages are not eligible. Talk to your CPA about determining if you're eligible for the credit!