So when you say there are thousands of them, there are thousands of tax credits like that, that you’re working on?
Lots of Tax Credits Potentially Available for Small Businesses in Fort Collins
Accounting Smarts
There are a lot of credits and especially with the brand-new tax laws, there are a lot of credits that affect a ton of Fort Collins small businesses and there’s employee retention, tax credits, where, which are literally affecting at least 50% of my small business accounting businesses that we’re working on for them to be able to get some credits on basically keeping people working during this COVID time.
Does that tend to be industry specific or is it just across the board in Fort Collins?
It’s across the board for the employee retention tax credits for 2021. If your revenues are down 20% compared to 2019, if you’re able to show 20% or 20% down for the quarter, then you get it. And that’s a great credit.
It’s 70% of each employee’s pay up to $7,000 per quarter. Right? So it’s a great credit.
There are a few other hurdles, as we have to put up with all these things. Talk to your accountant to make sure that you qualify. But that is the nuts and bolts of it on the surface. That’s the credit that is potentially out there for everyone who qualifies. And it’s a tremendous credit.
It is helping a ton of my clients right now.
What’s your perception of the knowledge and execution level of clients that you typically work with? Are most people on top of this or do most people miss something? Are most business owners savvy enough to work with an accountant who can help them?
Does that make a big difference or do a lot of business owners, miss opportunities where they could have got these credits?
The ones who think they can do it on their own miss. A good accountant and a good accounting relationship should be able to pay for themselves at least once a year if not three or four times over what you pay them. So there’s…
So that means it’s like a minimum breakeven. So small business accounting shouldn’t actually cost a business owner anything because the accountant should be paying for themselves.
Exactly. And that’s my goal every year.
Small Business Accounting for Fort Collins Business Owners – Get Help
