Tax Credit

January 17, 2024

COVID-19 Tax Credit for 1099 & Self-Employed Business Owners

Calling all independent contractors and self-employed business owners! The Families First Coronavirus Response Act (FFCRA) was passed by Congress in April 2020 to provide financial support for self-employed individuals (sole proprietors, 1099 contractors, freelance workers, etc.). If you couldn’t work (including teleworking) due to certain COVID-19-related reasons, the FFCRA gives you a special credit to… Continue reading COVID-19 Tax Credit for 1099 & Self-Employed Business Owners

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November 8, 2023

ERC Substantiation: What is it, and what is required?

By Ashlee Hall, Esq., Director of Legal Services for Figure Financial, Inc. Substantiation noun evidence sufficient to establish a thing as true, valid, or real; proof. Black’s Law Dictionary defines “substantiation” as “support of a claim or assentation by objective data or other proof of evidence.” In other words, substantiation equals documentation. In short, PROOF. In… Continue reading ERC Substantiation: What is it, and what is required?

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August 2, 2023

The Role of Legal Attorneys in Preparing and Filing Your R&D Tax Credit Claim

The R&D tax credit is a powerful tool for businesses investing in innovation, but it can be a complex landscape to navigate. This is where legal professionals can play a pivotal role, aiding in the preparation and filing of your R&D tax credit claim. Decoding the Complexities The R&D tax credit, while lucrative, comes with… Continue reading The Role of Legal Attorneys in Preparing and Filing Your R&D Tax Credit Claim

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June 28, 2023

Five Common Misconceptions about the Employee Retention Credit

In the whirlwind of information surrounding pandemic-era relief measures, the Employee Retention Credit (ERC) has emerged as a beacon of assistance for businesses navigating these challenging times. However, misconceptions about the ERC can cause businesses to overlook or underestimate this valuable tax credit. Let’s debunk five common misconceptions about the ERC. 1. Misconception: ERC is… Continue reading Five Common Misconceptions about the Employee Retention Credit

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June 14, 2023

Decoding the ERC: How to Navigate and Optimize Employee Retention Credits

In challenging times, a strong financial foundation is essential for businesses, and one such financial pillar is the Employee Retention Credit (ERC). If you’re a business owner, this blog will help you decode the ERC and navigate its benefits optimally. The ERC is a refundable tax credit under the CARES Act designed to encourage businesses… Continue reading Decoding the ERC: How to Navigate and Optimize Employee Retention Credits

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May 17, 2023

The Employee Retention Credit: A Lifeline for Businesses in Troubled Times

Running a business isn’t a walk in the park, especially in times of uncertainty. One of the significant challenges is retaining your workforce. That’s where the Employee Retention Credit (ERC) comes into play. It’s a refundable tax credit designed to encourage eligible employers to keep employees on their payroll despite experiencing an economic hardship related… Continue reading The Employee Retention Credit: A Lifeline for Businesses in Troubled Times

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