If you own a local business, there could be thousands, even millions of dollars that you’ve earned after the passing of the CARES act.
“Most of our customers are getting anywhere from $300,000 and $1.2 million,” says Michael Carrigan owner of Specialized Tax Credits LLC.
Specialized Tax Credits LLC does big budget calculations to help get you the most money possible directly back from the IRS.
If you are a business owner that was impacted by the COVID-19 pandemic, Carrigan says there is money that you could get for keeping employees on the payroll during the pandemic.
“Originally if you got PPP money you couldn’t get employee retention tax credits,” says Carrigan. “Just like originally if you got PPP money you couldn’t get an EIDL loan. But as of December last year you could have all three.”
He says there are two ways to qualify for the tax credits.
The first is if your company had a 20% or greater reduction in revenue in either 2021 or 2020 compared to 2019.
The second is if your business was impacted by the government shutdown. If you owned a restaurant or bar, or another business where your indoor seating was shutdown, you automatically qualify.
“I’d say for a business of 50-70 people, they’d always get close to one million dollars,” says Carrigan.
You could get up to $5,000 per employee kept in 2020. In 2021 the IRS changed the rules and you could get up to $7,000 per employee kept for every quarter in 2021.
“Th good news isn’t over, you just have to apply for these things,” says Carrigan. “And the tax credits, you’ve already earned them, It’s your money.”
Carrigan says you won’t get audited for this money, it will come in the form of refund checks. Specialized Tax Credits LLC can help you get the money back you have earned. Check out the website to get in contact with them.