AmiSight 10/29: Make Sure To Take Advantage Of All Available Tax Credits – You May Be Missing Some
While most stimulus programs have ended, The Business Journal reports that there are still some ways for you to benefit. For example, small businesses were allowed a tax credit that reimbursed the company for the time employees took off to get vaccinated or time taken due to being infected with COVID-19. Unfortunately, the benefits were vastly underutilized because the rules on how they could and could not be used alongside PPP and ERC were complicated. This was especially the case for many small businesses because many did not have a system in place to track vaccinations or extended COVID-19 sick leave. This has since expired, but you could still benefit.
Now, small businesses need to take the time, sit back down with their advisors, and amend previous returns to claim credits on “eligible leave.” This includes time taken for quarantining, being sick, vaccination, awaiting test results, and caring for someone else with the virus. For more specifics on how long and for how much the credit covers, click here. Small business owners can also go back and amend their returns to reflect the ERC if they have not already done so. Since the ERC was first introduced, it has been expanded to include a higher percentage of qualifying wages. Technically, the ERC does not expire until the end of 2021, but the infrastructure bill in Congress could take it away for the fourth quarter. These are benefits you don’t want to miss out on!