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…
Read article
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…
Read article
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…
Read article
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…
Read article
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…
Read article
Tax Planning Tips for Small Business Owners
Tax planning is a crucial aspect of running a small business. By understanding and utilizing available tax credits and strategies, you can optimize your financial situation, reduce your tax liability, and ensure compliance with tax laws. Here are some tips and advice specifically for small business owners to help you navigate the complexities of tax…
Read article
© Copyright 2024 Tax Credit Group, Inc. All rights reserved. | Custom website by Amplimark