Tax Credit Analysis – Is Your Business Paying More Than It Should?
Every business wants to lower its tax burden, but most don’t realize the potential tax savings they are missing out on. With ever-changing government incentives and credit programs, it’s easy for small and medium-sized companies to miss valuable opportunities. That’s where our Tax Credit Analysis comes in — and why Tax Credit Group (TCG) offers it free for qualified businesses. What Is a…
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Differences Between a Tax Credit and a Tax Deduction
For any business owner, maximizing profit means minimizing tax liability. But when you’re facing a complex tax return, the choice between a tax deduction and a tax credit isn’t just a matter of semantics—it’s a critical financial decision that can save or cost your company thousands. Understanding whether an expense reduces your taxable income or…
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Common Misconceptions About Employee Retention Credit
The Employee Retention Credit (ERC) was introduced in 2020 as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and has been a popular, yet confusing, tax credit that has evolved because of the pandemic. ERC has been retroactively updated and amended several times since it began, causing so many gray areas. Most employers are…
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Employee Retention Tax Credit: ERC Refund Delays
If your business filed for the Employee Retention Credit (ERC) for years 2020 and 2021 on time but still hasn’t seen a refund, you’re not alone. Thousands of companies are caught in limbo, waiting for the IRS to process their claims. The ERC was supposed to provide fast relief — but the system has been…
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A Small Business Owner’s Guide to Tax Credits: Which Ones Actually Work for You?
The IRS offers tax credits designed to reward the very things small businesses are already doing to grow. The tricky part is figuring out which ones apply to you. A tax credit is different from a deduction. Deductions lower your taxable income, while credits reduce your tax bill dollar-for-dollar. That means they can have a…
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Common Mistakes to Avoid When Applying for Tax Credits
Applying for tax credits can be a game-changer for small businesses, offering significant financial relief and incentives for growth. However, the process can be complex, and even minor errors can lead to delays or disqualification. To help you navigate the application process smoothly, here are some common mistakes small businesses make when applying for…
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