As a woman business owner, you work hard to grow your company and provide your employees with a stable job. But with the economic challenges brought about by the pandemic, it can be tough to keep up. Fortunately, there’s a little-known program called the Employee Retention Tax Credit (ERTC) that can help you save money and keep your business afloat. And with the help of Coach L. Renee’ Chubb and her team of CPAs, taking advantage of the ERTC has never been easier.
So what exactly is the ERTC? Simply put, it’s a tax credit that allows you to offset the cost of retaining your employees during a time when your business may be struggling. For eligible businesses, the ERTC can be worth up to $33,000 per employee, which can be a real game-changer for many small business owners.
But here’s the catch: in order to qualify for the ERTC, you need to have experienced a significant decline in revenue. Specifically, you need to have had a 50% reduction in gross receipts during a quarter in 2020 compared to the same quarter in 2019. Or, if you didn’t have a business in 2019, you can use the same quarter in 2020 compared to the immediately preceding quarter. For 2021, the requirement has been lowered to a 20% reduction in gross receipts.
Assuming you meet this requirement, there are a few things you need to know in order to take advantage of the ERTC. First, the credit is retroactive, which means you can claim it for any eligible wages paid after March 12, 2020. Second, the credit is refundable, which means that even if you don’t owe any taxes, you can still receive the credit as a refund.
Finally, and perhaps most importantly, you need to make sure you’re calculating the credit correctly. This is where Coach L. Renee’ Chubb and her team of CPAs come in. With their expertise and experience, they can help you navigate the complex rules and regulations of the ERTC to ensure you’re maximizing your savings.
For example, did you know that you can claim the ERTC even if you’ve already received a PPP loan? Or that you can claim the credit for both 2020 and 2021? These are the kinds of details that can make a big difference when it comes to your bottom line.
But working with Coach L. Renee’ Chubb isn’t just about getting the numbers right. It’s also about having someone in your corner who understands the unique challenges faced by women business owners. Coach Chubb is a successful entrepreneur in her own right, and she knows firsthand the kind of hard work and dedication it takes to run a business. She’s also a passionate advocate for women in business, and she’s committed to helping her clients achieve their goals and reach their full potential.
So if you’re a woman business owner with W2 employees and you think you might qualify for the ERTC, don’t wait any longer to take advantage of this valuable program. With the help of Coach L. Renee’ Chubb and her team of CPAs, you can save money, keep your business running, and provide your employees with the stability they need during these challenging times.
In fact, working with Coach Chubb might just be the best decision you ever make for your business. Not only will you save money, but you’ll also have the peace of mind that comes from knowing you have a knowledgeable and experienced professional on your side. And who knows? Maybe you’ll even have a little fun along the way. After all, business doesn’t have to be boring – especially when you’re working with someone like Coach L. Renee’ Chubb. For immediate assistance, please contact 614-809-5983 via text. Please introduce yourself.