Business Owners May Be Leaving Money on the Table

If you are a business owner, did you know that you may be leaving money on the table? Most business owners leave an opportunity each year by not actively reviewing the available Federal and State tax credits and deductions available to it. During this time of year, when most companies are actively engaged in planning for this upcoming year, they should review what is available to them. For those companies within the State of Georgia, click here to find a document provided by GA’s Department of Revenue showing available tax-reducing options. These options should be discussed with their corporate attorney and/or CPA.

On a federal level, there is an Employee Retention Credit (ERC) that is still available to many companies. This credit is for companies who kept some or all their workforces intact during the 2020 pandemic year, and the credit can be for up to $26,000 per qualifying employee. For those companies who don’t have the time or money to look at this credit, there are companies that will handle the research, analysis, and preparation of the ERC application/filing on a contingency basis (meaning they only get paid if they get money for you).