CPA recover Self- Employed & Partners Tax Credits + ERC + Tax Planning

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Tax Credits recovery

Eligible self-employed individuals are allowed an income tax credit .

Tax Credits recovery

Eligible self-employed individuals are allowed an income tax credit .

Frequently Asked Questions

Please reach us at dwolfe@cpawolfe.com if you cannot find an answer to your question.

What services does Wolfe CPA & Advisors - Certified Public Accountants / Tax Recovery specialize in?

We specialize in providing tax consulting services and tax credits review.

What is Wolfe CPA & Advisors - Certified Public Accountants / Tax Recovery's process for tax services?

Our tax process includes a thorough review of all relevant financial documents and a compliance approach to identifying credits eligibility per IRS guidance.`

Does Wolfe CPA & Advisors - Certified Public Accountants / Tax Recovery offer remote tax consulting services?

Yes, we offer virtual tax consulting services to clients who prefer to work with us remotely.

What is the self-employed
tax credit?

Eligible self-employed individuals are allowed an income tax credit to offset their federal self-employment tax for any taxable year equal to their “qualified sick leave equivalent amount” or “qualified family leave equivalent amount.”

Two valuable refundable income tax credits available to self-employed taxpayers may have been missed in 2020 and 2021.

Besides being available to employers with fewer than 500 employees, tax credits for paid sick leave (Sec. 3131) and paid family leave (Sec. 3132) are also applicable to self-employed taxpayers. These tax credits are for wages (or, for self-employed taxpayers, prorated net annual earnings) with respect to days of work missed due to COVID-19 illness, quarantine, or family care absences.

The credits is worthwhile to self-employed if they were off work due to sick or family leave in 2020 or 2021 (or both). These are valuable credits because they are refundable for up to $5,110 for qualified sick leave wages and up to $10,000 or $12,000 for qualified family leave wages (or, in either case, net self-employment earnings). Expiration of the general statute of limitation for amending timely filed and paid 2020 returns, April 15, 2024, is fast approaching.

If you would like to schedule a meeting to obtain more information about the ERTC, please Contact Us.

If business owners are interested in learning more about this Free estimate, please reach out to @ dwolfe@acpas.net

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What is the Employee
Retention Tax Credit?

The Employee Retention Tax Credit (ERC) is a refundable tax credit designed to reimburse business owners for retaining employees throughout the COVID-19 pandemic.
The federal government established the Employee Retention Credit (ERC) to provide a refundable employment tax credit to help businesses with the cost of keeping staff employed.
The Employee Retention Credit is still available to most employers affected during 2020 and 2021, per IRS qualification rules.
Eligible businesses that experienced a decline in gross receipts or were closed due to government order and didn't claim the credit when they filed their original return can take advantage by filing adjusted employment tax returns.
It was signed into law on March 27, 2020, as part of the CARES Act. The bill was significantly expanded in 2021.
Business owners impacted by COVID-19 can claim up to $5,000 in refundable tax credits for each employee on their payroll in 2020 and up to a $7,000 credit per quarter for each employee in 2021.

The IRS warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation of the credit.

These third parties often may not inform taxpayers that wage deductions claimed on the business' federal income tax return must be reduced by the amount of the credit. If the business filed an income tax return deducting qualified wages before it filed an employment tax return claiming the credit, the business should file an amended income tax return to correct any overstated wage deduction.

https://www.irs.gov/newsroom/employers-warned-to-beware-of-third-parties-promoting-improper-employee-retention-credit-claims?fbclid=IwAR3FcdcZYZvIvRx3sFkPgXOc7I5ou-uUqNhzBKf3kEsmSPCjjNUqftav_co

If you would like to schedule a meeting to obtain more information about the ERTC, please Contact Us.

If business owners are interested in learning more about this Free estimate, please reach out to @ dwolfe@acpas.net

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Tax Savings, Your Taxes, Simplified

We focus on Tax Recovery and Tax Planning

We go beyond tax compliance and proactively recommend tax-saving strategies to legally reduce your tax liability.

☑ Understanding tax basics and planning ahead can help you keep more money in your pocket, and make preparing your taxes easier. For the best potential outcome, consider working with a tax professional —not just at tax time—but all year long to plan for tax-saving opportunities.

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We are available year-round, let us be your one point of contact for multiple business needs - Tax Credits, Tax Savings, and Financial Plan. When it comes to complex issues, rely on us.

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Tax Credits recovery

Tax Credits recovery

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Frequently Asked Questions

SETC Eligibility

ERC Eligibility

What is the self-employed
tax credit?

What is the Employee
Retention Tax Credit?

Tax Savings, Your Taxes, Simplified

one-on-one CPA Services

Your Business is Our Priority

Best CPA - Payroll Tax Refund - Solar Tax Credits

Tax Credits recovery

Tax Credits recovery

Wolfe CPA & Advisors Certified Public Accountant

Frequently Asked Questions

SETC Eligibility

ERC Eligibility

What is the self-employed tax credit?

What is the Employee Retention Tax Credit?

Tax Savings, Your Taxes, Simplified

one-on-one CPA Services

Your Business is Our Priority

Best CPA - Payroll Tax Refund - Solar Tax Credits

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What is the self-employed
tax credit?

What is the Employee
Retention Tax Credit?