Education: AA Liberal Studies, Limestone University
Erica has been writing about small business finance and technology since 2008. She joined Merchant Maverick in 2018 and specializes in researching and reviewing business software, financial products, and other topics to help small businesses manage and grow their operations. Her expertise has been cited in MSN, Reader’s Digest, Vox, U.S. News & World Report, and Real Simple. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll, a graduate of Limestone University, and currently resides in Greenville, South Carolina.
One form of relief offered to small businesses is the Employee Retention Tax Credit. First introduced in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, this tax credit could be claimed by eligible employers on quarterly tax returns. This program was expanded by the Consolidated Appropriations Act signed into law in December 2020, making the credit accessible to more employers.
The SBA offers a variety of loan programs that vary according to business needs. Its flagship program is the 7(a) loan program, which offers loans for most general business purposes. However, it also offers special programs such as microloans and disaster loans. Find out more about SBA loans, including who qualifies.
QuickBooks Online is cloud-based accounting software. It has the complex accounting capabilities that small business owners need and supports numerous integrations. Quickbooks Online has a lot to offer in terms of features, accounting, and usability.
If you have questions about the employee retention credit, you’re not alone. That’s why we’ve created this employee retention credit FAQ guide to answer all of your questions.
You can claim the R&D credit yourself by completing and filing the appropriate tax forms with your federal income tax return. However, due to the complexities of the tax credit, many business owners opt to use tax credit software or services to simplify the process.
Yes, you can claim the R&D tax credit every year, provided you have qualified research and development expenses. In order to claim the credit, you must meet all requirements of the IRS and you must file the appropriate forms with your income tax return.
The research and development tax credit (R&D credit) is a general business credit available to businesses that created or improved a product or process. Businesses that are eligible to receive the R&D credit must have participated in qualified R&D activities as outlined under Section 41 of the IRS Tax Code.
The amount of the R&D tax credit varies by a number of factors. Generally, a business should expect to receive 7% to 10% of qualified research and development expenses to be used toward federal tax liability.
Unfortunately, there is no way to expedite the ERC refund process. You can avoid potential delays by ensuring that your Form 941-X is filled in correctly, including ERC refund calculations. You may also reach out to reputable ERC funding companies to learn about ERC advances and funding programs, although fees will apply.
The employee retention tax credit, or ERC, is a real tax credit available to qualified small business owners. This refundable tax credit could be filed on quarterly returns in 2020 and 2021. Small business owners that didn’t know about this credit can retroactively receive a refund by filing amended tax returns.
During an IRS audit, the IRS will notify you of the specific information you need to submit. However, some common documentation that you may be required to submit include payroll records, accounting records, PPP loan forgiveness documentation, and documentation that shows your business was fully or partially shut down by the government or proof of a decline in receipts.
Revenued Business Card is a relatively unique product, and while it can work for many businesses, it won’t be for everyone. However, within Revenued’s target niche, it’s a great choice. Overall, we give Revenued a rating of 3.7 out of 5 stars.
For small business owners, you’ll likely find better rewards checking options elsewhere. For self-employed individuals who are looking to grow their business, Found might also not be the best fit as it won’t scale alongside your business. Check out out top online business bank accounts to see all of your best banking options.
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Expert ERC Filing SupportTrust ERC Specialists to maximize your tax credits.Experience competitive rates, excellent customer support, and a fast & easy claim process. Request a free analysis today.Get StartedClaim your ERC now
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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
Expert ERC Filing SupportTrust ERC Specialists to maximize your tax credits.Experience competitive rates, excellent customer support, and a fast & easy claim process. Request a free analysis today.Get StartedClaim your ERC now