It can seem daunting, but it’s actually a lot simpler than you might expect.

The first step is to determine whether or not your company was negatively impacted during the COVID-19 pandemic. This is done by comparing your gross receipts for one quarter in 2020 to the same quarter in 2021.

How does the ERTC Work?

As a tax credit, the ERTC comes with a host of rules that are simultaneously straightforward and complicated. Calculating it requires a clear understanding of the requirements, an accurate understanding of how it works in tandem with other programs and initiatives you may be participating in, as well as adherence to rolling deadlines.

Using an online ERTC calculator can help you make sense of these complex regulations and ensure you’re doing everything necessary to maximize your claim. A tool like this can also connect you with a qualified expert to answer any questions or concerns you have.

To qualify for the ERTC, your business must have experienced a revenue decline during one or more quarters in both 2020 and 2021. Your revenue decline does not need to be as significant as your corresponding decline in payroll, and it is important to remember that receiving a PPP loan does not prevent you from taking advantage of the ERTC.

ERTC Credit Calculator

If your organization has been impacted by COVID-19, you may be eligible for the Employee Retention Credit (ERC). This program offers a tax credit of around 70% of qualified wages and group health plan fees (properly deducted from employee paychecks) up to $28,000 per year. The amount claimed will reduce your employer’s social security taxes.

To determine if you are eligible and how much credit you may receive, you can use this calculator. Note: You should only change the values in light grey cells – white cells contain formulas that are automatically calculated based on your input. Altering these values could result in errors.

To get started, enter your organization’s total qualified wages and health plan fees for the first through fourth quarters of 2021. Then, multiply the number of full-time employees by 70% to determine your credit. You can then adjust the amounts to reflect your specific circumstances. Once you’ve determined the amount of credit you are eligible for, complete IRS Form 941-X for each impacted quarter to receive your offset.

ERTC Rebate Calculator

The employee retention credit can be a complicated and confusing process to navigate. There are many moving parts, rolling deadlines and competing factors that must be considered when calculating your potential refund amount. A calculator can make the whole process much easier, and help you ensure you are receiving the maximum refund allowed by the IRS.

Our ERTC Calculator takes all of the guesswork out of determining how much you may be eligible for. Unlike other national companies who charge 20-30% commission on your ERC refund (and do it incorrectly), our calculator is simple to use and will calculate your potential savings within SECONDS. It will also finalize the amount that you should place on your quarterly 941-X. All at a fraction of the cost of other national companies who claim to have processed thousands of ERC applications. Using our ERTC Calculator is a smart move for all business owners who want to maximize their potential ERC refund.

ERTC Eligibility Calculator

To claim the ERTC, you’ll need to submit detailed documentation detailing why you should be eligible for this credit. This should include details on how your business was impacted by the COVID-19 pandemic and why your revenue declined in 2020 or 2021. This is particularly important if you are a government-dependent company or otherwise dependent on the federal, state, or local governments for your livelihood.

In addition to this, you’ll need to document the wages and expenses that were qualified for the credit during Online ERTC Tax Credit (ERC) Calculator the qualified time period. This includes salaries, wages for hourly employees, and tips.

Another aspect to consider is whether your company was a Recovery Startup Business. If you were, and reduced your employment tax deposits in anticipation of the ERTC and received advance payments from the IRS by filing Form 7200, you’ll need to repay these advances. A tax expert can help you understand the parameters and requirements for repayment. The right professional can also ensure that all required forms are completed and filed promptly to avoid penalties for late submissions