Are you an employer looking to lower your taxes? If so, you may be eligible for the Employee Retention Credit. This credit can save you a lot of money, so it's important to understand how to claim it with the help of Benchmark Human Capital. We'll explain everything you need to know about how to claim the Employee Retention Credit. Read on to learn more!
How to Claim the Employee Retention Credit
How to Claim the Employee Retention Credit
Eligibility and Qualified Wages
In order to be eligible for the Employee Retention Credit, you must have employed at least 50 percent of your workforce for at least 20 weeks during the year. Qualified wages include payments made for group health insurance, as long as an eligible employer can claim up to $10,000 in qualified wages per employee. Keep in mind that this is a new credit, so make sure you double-check the eligibility requirements with experts at Benchmark Human Capital, before claiming it on your tax return.
Employee Retention Credit Amount
You could be eligible for a tax credit worth up to $10,000 in wages, so make sure you take advantage of this valuable credit with Benchmark Human Capital! We work with you and your business to give you an accurate credit amount. Remember, the Employee Retention Credit under the CARES Act is available to employers. So, if you're an employer looking to keep your employees during these difficult times, make sure you claim the Employee Retention Credit on your next tax return!
Claim Your Employee Retention Credit
To claim the Employee Retention Credit, reduce your payroll tax deposits by an amount greater than what you anticipate will be refunded. If this leads to a negative balance in funds, request advance payments using Form 7200 and pay only those accounts whose balances exceed $1 million at any point during the calendar year 2020 or 2021. Work with us at Benchmark Human Capital to make sure that, if you're claiming this credit after May 31st, it has been submitted before December 31st.
Tax Returns With Employee Retention Credit
The Employee Retention Credit is a refundable tax credit for employers who pay qualified wages to employees. The amount of the credit is equal to 50 percent of an eligible employer's QREs and limited to $5,000 per employee. Benchmark Human Capital can help you file for the Employee Retention Credit and ensure that you get the most out of this credit. If you're looking for ways to help your business stay afloat during these difficult times, make sure you claim this on your next tax return!
Learn how to claim the Employee Retention Credit with the experts at Benchmark Human Capital. Learn more about ERTC and contact us today!