Business Tax Benefits

  You all would know that accounting jobs need a degree in accounting or a related field. While a college degree might be the most essential, it is far from the only job requirement if you wish to go far in your accounting career. Having an interest in numbers and a strong work ethic helps, but the expertise of a successful accountant is vastly different from what was necessary just a decade ago. Thanks to automation and technology, much of the traditional accounting work, such as reconciling accounts and entering transactions, is now handled by computers. Thus, what accounting skills and qualities do accountants generally need today?  Read More: Skills Required for Accounting and Finance #accountingskillsandqualities #technicalaccountingskills #hardskillsforaccountants #skillsrequiredforaccountingandfinance #entrylevelaccountingskills

  Everyone knows that small business loans, stimulus checks, and expandable unemployment advantages have gotten the lion’s share of media reporting. However, there are numerous significant business tax breaks in the CARES Act that have not gathered a lot of attention. Most of the latest tax breaks are only temporary, while some of the tax breaks tweak changes made by the 2017 tax reform law. All of the CARES Act business tax breaks are designed primarily to get companies affected by coronavirus and workers back on track as soon as possible. No matter what sector you are in, at least one of the following CARES Act tax breaks is likely to better your bottom line and keep you stay afloat. Before going further, let us find out more about the CARES Act.  Read More: Major Cares Act Tax Breaks  #CARESActbusinesstaxbreaks #CARESActtaxbreaksforsmallbusiness #CARESActtaxbreaksforindividuals #CARESActtaxbreaksforwealthy

  In January 2020, the United States experienced an unemployment level of 3.6%. At that time, it was one of the lowest levels that the country had seen in the last five decades. In February 2021, however, studies reveal that 8.5 million fewer people were employed than in February 2020.  Everyone knows the reason for this sudden fall. The Covid-19 pandemic and the reactions of the federal, state, and local governments have caused numerous companies to either close or downsize.  To cope with and minimize the damage, the United States’ federal government passed the Coronavirus Aid, Relief, And Economic Security (CARES) Act, including numerous benefits of the Employee Retention Tax Credit (ERTC). Before jumping directly to find its multiple benefits, let us know more about ERTC in detail.  Read More: How to apply for Employee Retention Credit #howdoestheEmployeeRetentionTaxCreditwork #WhoqualifiesfortheEmployeeRetentionTaxCredit #HowtoapplyforEmployeeRetentionCredit

  Many small business employers are confused and curious about how the Employee Retention Credit (ERC) applies to their business. ERTC is a refundable rebate credit that a business can possibly claim on the qualified wages, such as health insurance costs paid to employees. In 2021, the employee Retention Credit allowed employers 70% of the total credit. This 70% is an increase from the previous credit, and it allows up to $10,000 of an employer’s qualified wage per quarter. The increase in credit is one such benefit that employers get. However, along with it, there are many other benefits that small businesses need to take advantage of before it ends. Read More: How to apply Employee Retention Credit #ApplyForEmployeeRetentionCredit #HowToApplyEmployeeRetentionCredit

  The Covid-19 pandemic has led to the closure of 34% of the small businesses in the United States in 2020. The US government issued the Coronavirus Aid, Relief, and Economic Security (CARES) act, as there were many business losses during the pandemic. In addition, the CARES Act established the Paycheck Protection Program (PPP) and the Employee Retention Credit (ERC). This blog provides an outline of the PPP and ERC. It further evaluates the distinguishing factors between the Paycheck Protection Program and the Employee Retention Credit. And provides a clear line of  difference between PPP and ERC . Read More: Classification Between PPP Loans and ERC #differencebetweenPPPandERC #coordinatingERCandPPP #ERCandPPP2022 #ERCandPPPin2022

  Several business owners worldwide must have struggled to make ends meet during the coronavirus crisis. Still, a tax credit like the Employee Retention Credit must have come into the picture as it is more easily accessible than several popular relief options such as grants and loans. If you have no idea how tax credits work and want to learn more about available tax credits, use our estimator for employee retention tax calculation . But before that, we need to know more about employee retention credit and its significance for business owners.  Read More: Employee Retention Tax Credit Estimate Calculator #EmployeeRetentionTaxCalculation #ERTCCalculator2021 #ERTCTaxCreditCalculator #HowToCalculateEmployeeRetentionCredit

  Small businesses constitute around 99.9% in the US. Almost half of the private workforce are these business employees of the small business. Unfortunately, this sector got hit during the pandemic, which has caused a drastic impact on the employers and the employees. It started way back in 2019, and many continue to struggle because of the coronavirus. To counter this and soothe the employers’ dilemma, then US President Donald Trump made the CARES Act into a fully-fledged law on March 27, 2020, and this CARES act includes the employee retention tax credit IRS guidance . The Employee Retention Credit (ERC) is an economic relief initiated to help businesses throughout the pandemic. As the name suggests, it’s a refundable tax credit against certain employment taxes to help keep employees on the payroll. Want to know if your business qualifies for the ERC? Read further to know more. Read More : employee retention tax credit IRS guidance #employeeretentiontaxcreditupdates #employeeretentio