It’s understandable for small business owners to think the Employee Retention Credit might look “too good to be true.” On this episode of Masters of Deductions, Tim and John discuss why the ERC is NOT a scam, and how to make sure your small business is eligible for the credit.

In episode 4 of Masters of Deductions, Tim and John dig into some real case studies around Small Businesses using Tax Credits to help improve cash flow. John and Tim break down why they started Resolute Tax Credits, including why it's important to bring the tax credit strategies that multinational companies use to the mom and pop small businesses in America. John also reinforces why ERC is not a scam or government handout, it is simply a way to give small businesses a break on the taxes they've already paid, so they can take action that is better for the country at large.

For more information on ERC and other Tax Credits, visit ResoluteTaxCredits.com - and don't forget to subscribe to Masters of Deductions and check out Masters of Deductions on all social media and podcast platforms.

In this episode of Masters of Deductions, Tim & John dig into the additional tax credits outside of the Employee Retention Credit that may be available for business owners, including the Recovery Startup Credit and Research & Development Tax Credits. Additionally, John breaks down his mindset as a business owner and how he sleeps better at night knowing that he has Tax Credit experts making sure he is able to spend time running his business.

In Episode 1, we talked a lot about technical aspects of the Employee Retention Credit. In episode 2, we will talk about more practical aspects of the ERC, and how to apply for ERC and what forms you'll need to submit and amend. 

We also answer popular questions about how to qualify for the ERC in 2020 and 2021, and how things have changed recently.

If you have questions, please reach out to us at ResoluteTaxCredits.com

In the first episode of Masters of Deductions, Tim and John discuss the Employee Retention Credit (ERC) and its significance for tax savings. Tim, a tax professional and attorney, breaks down the ERC in simple terms. The ERC is a refundable payroll tax credit that can provide up to $26,000 per employee. This program was established in 2020 during the COVID-19 pandemic to assist employers impacted by the crisis.

To qualify for the ERC, there are three tests. The first test examines the decline in gross receipts, comparing the quarters of 2020 and 2021 to the same quarter in 2019. If gross receipts declined more than 50% in 2020 or more than 20% in 2021, you may qualify. The second test considers whether your operations were fully or partially suspended due to government orders, irrespective of revenue changes. The third test is specifically designed for businesses that started after February 15th, 2020. These businesses can potentially receive a refund of up to $100,000 per employee, regardless of the other two tests.

Tim emphasizes that the ERC is crucial, offering significant tax savings. It's important to note that it's not too late to apply for the credit, as there are two upcoming deadlines. The first deadline is April 15th, 2024, for the 2020 ERC, and the second deadline is April 15th, 2025, for the 2021 ERC. Tim encourages listeners to explore their eligibility and file a claim with the IRS to take advantage of this opportunity to save money. Don't miss out on the potential benefits of the ERC – tune in to this episode of Masters of Deductions to learn more!