The Employee Retention Tax Credit, also known as the ERTC or ERC, can play a huge role in supporting small businesses with funding new initiatives and upgrades. Can it promote innovation for startups in new industries? With the right strategy, it can!
How the ERTC Can Promote Innovation for Startups in Emerging Industries
If your business qualifies to claim the ERTC, you could receive $5,000 per employee kept on your payroll for tax year 2020 and an additional $7,000 per employee you retained for each of the first three quarters of 2021. Ultimately, you could earn a refund of of $21,000 for tax year 2021 and $26,000 total, which is not an insignificant amount of money for any business and could certainly be helpful for a startup with limited resources!
Imagine what that sort of money could do for your startup in an emerging industry – the truth is, you may be able to make it happen with support from the ERTC. Money from an ERTC refund can be used for just about anything your business may need, and one area you might want to consider is promoting innovation at your company.
The ERTC can play a role in promoting innovation for a startup in an emerging industry because the money you could receive as a business owner could be earmarked specifically for the purposes of investing in innovation. It’s hard enough to run a startup, and even harder to be a business owner of one in a new industry that’s competing for customer attention and production efficiency, and a significant ERTC refund could help.
For instance, you could use the money you receive from the Employee Retention Tax Credit to hire more staff members who can fuel innovation with their skills and enthusiasm. You could also purchase new or updated equipment to innovate your current processes to make your company even more competitive in an emerging industry.
You could also choose to use your ERTC funds to fund an entirely new project and promote innovation at your startup! There’s little you can’t do with a substantial ERTC refund, and a tax professional like the ones at Dayes Law Firm might even be able to help you make some decisions about the best ways to use your ERTC funds or point you to a financial professional who can.
Working with Dayes Law Firm on the ERTC
At Dayes Law Firm, our team of skilled tax attorneys can determine if your business is eligible for the ERTC in the first place. We can help with filing appropriate amended quarterly payroll tax returns on your behalf to claim your funds and work with you on the entire ERTC claims process.
Plus, our firm can offer ERTC audit assistance if the IRS asserts that they see a red flag in your application. We will defend businesses against an ERTC audit or if there is ever a request for an audit in the future, and will stand with you as your partner on all Employee Retention Tax Credit matters.
Dayes Law Firm has assisted many businesses with this process and we’re here to help you, too. Please contact our firm by calling (800) 503-2000 to learn more today. We offer a free, no-obligation consultation to discuss any questions you may have, and you owe us nothing unless you are awarded an ERTC refund.
We are ready to help you and your startup get the ERTC funds you may be entitled to. Call now to find out more!