Tax Credits

Cut Your Taxes with Credits


Tax Credits offer ways to lower your tax liability.

These are incentives awarded to taxpayers, which are subtracted from total tax liability, and can either increase the amount you are refunded or lower the amount due. 

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Types of Tax Credits


Types of Tax Credits


Simple Credits & Deductions

Many credits are available to taxpayers such as EITC or Child Tax Credit. We check all return's to ensure any simple deduction or credit that is eligible is applied to your return, minimizing your total tax liability and bill due. 


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Sick & Family Leave Credit

This credit is eligible to employees who are unable to work because of coronavirus quarantine, has Covid-19 symptoms and is seeking a medical diagnosis, or is caring for someone with coronavirus. Also available to employers.


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Paid Leave Credit for Vaccine

This credit is available to eligible employers for providing paid time off for each employee receiving the vaccine and for any time needed to recover from the vaccine.


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ERTC

The ERTC is a refundable credit that businesses can claim on qualified wages, including certain health insurance costs, paid to employees.


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Our team of experts are ready to help reduce your tax liability.

Our team of experts are ready to help reduce your tax liability.

WHAT IS IT?

Sick & Family Leave Credit

If you have been diagnosed with COVID19:


Entitled to paid sick leave for up to ten days (up to 80 hours) at the employee’s regular rate of pay, or, if higher, the Federal minimum wage or any applicable State or local minimum wage, up to $511 per day, but no more than $5,110 in total

If you are caring for Someone with Coronavirus:


Entitled to paid sick leave for up to two weeks (up to 80 hours) at two-thirds the employee’s regular rate of pay or, if higher, the Federal minimum wage or any applicable State or local minimum wage, up to $200 per day, but no more than $2,000 in total

If you are caring for children due to daycare or school closure:


Entitled to paid family and medical leave equal to two-thirds of the employee’s regular pay, up to $200 per day and $10,000 in total. Up to ten weeks of qualifying leave can be counted towards the family leave credit. 

If you have been diagnosed with COVID19:


Entitled to paid sick leave for up to ten days (up to 80 hours) at the employee’s regular rate of pay, or, if higher, the Federal minimum wage or any applicable State or local minimum wage, up to $511 per day, but no more than $5,110 in total

If you are caring for Someone with Coronavirus:


Entitled to paid sick leave for up to two weeks (up to 80 hours) at two-thirds the employee’s regular rate of pay or, if higher, the Federal minimum wage or any applicable State or local minimum wage, up to $200 per day, but no more than $2,000 in total

If you are caring for children due to daycare or school closure:


Entitled to paid family and medical leave equal to two-thirds of the employee’s regular pay, up to $200 per day and $10,000 in total. Up to ten weeks of qualifying leave can be counted towards the family leave credit. 

EMPLOYERS

Eligible employers are entitled to receive a credit in the full amount of the required sick leave and family leave, plus related health plan expenses and the employer’s share of Medicare tax on the leave, for the period of April 1, 2020, through December 31, 2020.

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Paid Leave Credit for Vaccine


Eligible employers, such as small business, who have provided time off to take, and recover, from the COVID19 vaccine can receive a tax credit for this time paid off. For example, if an eligible employer offers employees a paid day off in order to get vaccinated, the employer can receive a tax credit equal to the wages paid to employees for that day

 

Paid Leave Credit for Vaccine


Eligible employers, such as small business, who have provided time off to take, and recover, from the COVID19 vaccine can receive a tax credit for this time paid off. For example, if an eligible employer offers employees a paid day off in order to get vaccinated, the employer can receive a tax credit equal to the wages paid to employees for that day

 

Employee Retention Credit At A Glance

What is ERTC?

The ERTC is a refundable credit that businesses can claim on qualified wages, including certain health insurance costs, paid to employees.


  • Businesses must have been impacted by forced closures, quarantines, or have seen more than 20% drop in gross receipts in the quarter compared to the same quarter in 2019.
2020

50% of qualified wages paid, up to $10,000 per employee annually for wages paid between March 13 and Dec. 31, 2020.

2021

70% of qualified wages paid, up to $10,000 per employee per quarter.

How Do You Get ERTC?

Simple - contact us! Tax Resolution Accounting will handle all of the ERTC claim process, from beginning to end, ensuring you get the best results with as little stress as possible. 

2020 ERTC Eligibility

2021 ERTC Eligibility

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Tax Resolution Accounting is here to help you

Tax Resolution Accounting is a tax resolution & accounting firm employing licensed representatives authorized to practice before the Internal Revenue Service. If you are looking for a tax resolution, tax preparation, or bookkeeping services, our firm can help you while making sure to provide that best client care possible. We care about you and look forward to working with you

Tax Resolution Accounting is here to help you

Tax Resolution Accounting is a tax resolution & accounting firm employing licensed representatives authorized to practice before the Internal Revenue Service. If you are looking for a tax resolution, tax preparation, or bookkeeping services, our firm can help you while making sure to provide that best client care possible. We care about you and look forward to working with you

We've got it all covered

Tax Resolution Accounting is here to help you with any tax or accounting problems you may have.

With our expertise and know-how, we'll help you save money, reduce stress, and focus on your real priorities. 

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  • Tax Questions

    Got a question? We’re here to help.

    • Can you tell me more about your company?

      Tax Resolution Accounting, a professional and friendly accounting firm located in Lynchburg. We offer professional tax resolution,  business and personal tax preparation, accounting services , bookkeeping, and more to clients all across the state of Virginia. No firm in Virginia offers you better service for all of your tax prep, business and personal financial service needs than Tax Resolution Acccounting, no one!

      Tax Resolution Accounting provides a personal approach to tax preparation services. Doing your taxes is not only a hassle, it can be downright nerve wracking. Do you have a complicated income? A ton of assets to list? Or do you simply—and reasonably!—feel overwhelmed at the thought of filling out a mountain of tax paperwork? We have a proven track record of successfully serving small businesses, individuals, and non-profit groups for years. We also provide many specialized business services. Tax Resolution Accounting offers tax preparation and filing services at the highest standard of quality to give you the best possible outcome on your return and keep you in good standing with the IRS. Our accountants, IRS Enrolled Agents, and Tax Attorneys offer one-on-one guidance to help you through your tax preparation and more! Tax Resolution Accounting has the expertise you’re looking for whether you’re filing taxes, running your business, or protecting you from aggressive State or Federal Tax Auditors. 


    • What Is Tax Resolution?

      Tax resolution is the process of working with the IRS and tax professionals to find a solution to your tax problems. The IRS might have an issue with your tax return or tax situation for a few reasons. If you have a complicated tax return, for example, the IRS might audit you to verify you are reporting the appropriate amount of income and claiming legitimate deductions. In some cases, the IRS might believe you have underreported your income, and it might want to take a closer look at your tax situation.

    • Why do I need an experienced tax professional or CPA?

      A CPA is the professional you need when taxes and business financials are concerned. A CPA will ensure that your taxes are filed correctly and on time, so you don’t have to worry about it. There are so many technicalities involved with tax preparation that it can be easy to miss something important or fill in information incorrectly. When you hire a CPA, those mistakes won’t be made, because we are specially trained to look for these mistakes and not make them. You can rest assured that your forms will be filled out correctly.

      But having someone to files your taxes isn’t the only reason to hire a CPA. They are eligible to represent you before the IRS in the case of an audit. Additionally, a CPA acts as your trusted advisor when making business and individual financial goals. The professionals at Tax Resolution Accounting help you plan for your financial success. Call us at 434-338-7149 to be connected with our office so we can discuss how our team can serve you.


    • How will Tax Resolution Accounting help my business?

      Having a CPA, such as those at Tax Resolution Accounting, is essential for businesses of all types, from the newest small business to the largest corporation. Even if your business didn’t make a profit or took a loss, you are still required to file your taxes. Your CPA will request that you get your paperwork as organized as you can. Gather receipts and information and have it organized by expense categories. Summarize records and double check your invoices and expense totals. If you have employees, have their payroll information gathered together. Depending on your business size or level of complication of your return, your CPA will outline the things you need to present to them in order for your taxes to be filed. Regardless of the records you need to bring, we will help you have things organized so that when it comes to filing your taxes, you won’t have to lift a finger.

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