ERC: Self-Employed Back Pay W-2 Wages NOT ERTC #tax #selfemployed #erc #irs #taxes #smallbusiness

ERTC Update: Employee Retention Tax Credit aka IRS ERC. If you have W-2 employees, consider my seminar https://www.jjthecpa.com/ertcseminarsignup In my ERTC seminar I present a ton of examples of various ownership, and cover the self-employed related to the ERTC. ERTC SEMINAR is A TO Z ON HOW TO GET THE ERTC & PREPARE 941-X TO GET THE REFUND.

Owners that are 50% or less owners can include their wages for ERTC if no other family owns the business making them a deemed majority owner (over 50% owner). If no living relatives, the majority owner (more than 50% owner) can include their wages.

ERTC SEMINAR BY JJ THE CPA (A TO Z ON HOW TO GET THE ERTC)
https://www.jjthecpa.com/ertcseminarsignup

MORE FREE ERTC VIDEOS [JJ's ERTC YouTube Playlist]
https://youtube.com/playlist?list=PLms23XmPwMnF3H24pvK8pfIB07dLK8fI7

Royal Gorge Railroad
https://www.royalgorgeroute.com

ERTC Tax Credit 2021. ERC Tax Credit 2020. $26,000 PER EMPLOYEE Combined. Did you pay employees W-2 wages between March 13, 2020 and September 30, 2021? Are any quarterly gross receipts down 20% in 2021 compared to 2019, or 50% 2020 to 2019? Then you qualify for ERTC (IRS ERC). The Employee Retention Credit under the CARES Act provides a refundable tax credit is 70% of up to $10,000 in wages PER employee, PER quarters 1, 2 and 3 in 2021 [50% in 2022]. THIS IS A CHECK FROM THE IRS TO YOUR BUSINESS! JJ the CPA is a practicing, licensed CPA with over 30 years of tax experience, still working with clients taxes everyday!

The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021; 70% after 12/31/20 through September 30, 2021 (Exception: Recovery Start Up Business gets through 12/31/21)

TAX & CPE SEMINARS BY JJ THE CPA
https://www.jjthecpacpe.com/

DIRECT SIGN UP TO TAX & CPE SEMINARS
https://calendly.com/jjthecpa

The Employee Retention Credit is a fully refundable tax credit for employers equal to 50 percent of qualified wages (including allocable qualified health plan expenses) that Eligible Employers pay their employees in 2020; 70 percent in 2021. This Employee Retention Credit applies to qualified wages paid after March 12, 2020, and before October 1, 2021 (exception to the Recover Start Up Business which gets until December 31, 2021). For 2020, the maximum amount of qualified wages taken into account with respect to each employee for all calendar quarters is $10,000, so that the maximum credit for an Eligible Employer for qualified wages paid to any employee is $5,000. For 2021, the maximum amount of qualified wages taken into account with respect to each employee for EACH of the first three calendar quarters is $10,000, so that the maximum credit for an Eligible Employer for qualified wages paid to any employee is $7,000 per the first three quarters (with exception to the Recover Start Up Business).

The Employee Retention Credit under the CARES Act encourages businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been impacted [70% in 2021]. The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021; 70% after 12/31/20 through September 30, 2021 (Exception: Recovery Start Up Business gets through 12/31/21). The Employee Retention Credit is a fully refundable tax credit for employers equal to 50 percent of qualified wages (including allocable qualified health plan expenses) that Eligible Employers pay their employees in 2020; 70 percent in 2021. This Employee Retention Credit applies to qualified wages paid after March 12, 2020, and before October 1, 2021 (exception to the Recover Start Up Business 12/31/21). For 2020, the maximum amount of qualified wages taken into account with respect to each employee for all calendar quarters is $10,000, so that the maximum credit for an Eligible Employer for qualified wages paid to any employee is $5,000. For 2021, the maximum amount of qualified wages taken into account with respect to each employee for EACH of the first three calendar quarters is $10,000, so that the maximum credit for an Employer for qualified wages paid to any employee is $7,000 per the first 3 quarters.

COMMENTS ARE NOT REVIEWED. PLEASE DO NOT EXPECT AN ANSWER TO YOUR QUESTIONS.

PLEASE REVIEW FULL DISCLAIMER
https://www.jjthecpahelp.com/youtubedisclaimer

I AM A CPA, BUT I AM NOT YOUR CPA. YOU MUST CONSULT WITH YOUR OWN TAX, FINANCIAL & LEGAL ADVISER. ANY INFORMATION ON THIS CHANNEL IS INTENDED FOR INFORMATIONAL PURPOSES AND FOR GENERAL GUIDANCE ONLY.

#jjthecpa #tax #taxes #taxseason #taxation #ERTC #ERC #ERTCCREDIT2021 #PAYROLL #SMALLBUSINESS #irs #cpa #selfemployed #selfemployment #llc