Maximize Savings With Your Employee Retention Credit Consult
Maximize your company's financial health by understanding how the Employee Retention Credit (ERC) can significantly boost your savings, and browse options to ensure you're leveraging this opportunity to its fullest potential.
Understanding the Employee Retention Credit
The Employee Retention Credit is a refundable tax credit designed to support businesses that retained employees during the challenging economic periods of the COVID-19 pandemic. This credit aims to reduce the burden on businesses by providing financial relief based on wages paid to employees. By consulting with experts, you can ensure that your business maximizes its eligibility and benefits from this credit.
How the Employee Retention Credit Works
The ERC allows eligible employers to claim a percentage of qualified wages, including certain health insurance costs. For 2021, the credit is up to 70% of qualified wages per employee per quarter, with a maximum of $7,000 per employee per quarter1. This means that a business could potentially claim up to $28,000 per employee annually.