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.
Cost segregation allows you to write off specific costs over five, seven, or 15 years, and this frontloaded depreciation can cut your tax bill significantly. Many costs can be written off through cost segregation — from furniture and office equipment to POS systems and drive-thru equipment.
QuickBooks Money is a free business banking and payments app that draws much of your business finances into one easy-to-use dashboard. Like the best business bank accounts we cover, QuickBooks Money offers free banking services that will meet many small business owners’ needs.
Tax laws vary from state to state, so how the ERC affects your state income tax return is based on where you live. Many states have adopted federal laws for the treatment of ERC for state tax purposes, while others have created their own laws.
Instead of waiting up to a year or longer to receive an Employee Retention Credit refund check from the IRS, business owners are seeking ERC loans. With an ERC loan, a lender provides a percentage of an ERC refund (typically up to 65% of the refund amount) upfront so businesses have quick access to capital.
The Employee Retention Credit is a refundable tax credit. It is not a loan and does not need to be repaid. However, ERC loans and advances taken from an ERC lender will need to be repaid according to the terms in your contract.
Lendio’s ERC program has a lot going for it. Similar to its application process for small business funding, Lendio’s ERC application is quick and easy to fill out. Lendio’s experienced ERC partners can also help you along the way to simplify and expedite the ERC process.
ERC Business Solutions is a business that specializes in Employee Retention Credit refunds. Its BBB profile gives a contact address located in Henderson, Nevada. There are a few concerns about the company, however, as it lacks positive customer reviews and does not provide specific information about the company.
ERC Funding has a few good things going for it. It has a fast and easy claims process and typically submits claims to the IRS within one to three weeks. Its ERC advance buyout program also provides fast funding to businesses that can’t afford to wait months for their refund checks to arrive. It also doesn’t require upfront fees for its services, and it will assist with ERC reviews or IRS audits.
Employee Retention Credit fees are fees that are paid to a CPA, tax expert, ERC specialist, or other expert that claims the ERC on a business’s behalf.
Small- to medium-sized businesses that are looking for a company that specializes in ERC refunds won’t be disappointed in what Accelerate Tax has to offer. The fast application process, white-glove customer support, quality control processes, including CPA reviews, and the potential to get funds quickly through Accelerate Tax’s ERC advances, are all standout features.
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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.
