Employee Retention Credit for Dentists and Dental Practices
The employee retention credit (ERC) is available for dentists and dental practices that are experiencing financial difficulties. The solution is in the form of the payroll tax credit that already has granted millions of dollars in cash and credits that are refundable to employers working in the dental practice industries.
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If you have a dental office you'll find this tax credit is retroactive for your business.
The Employee Retention Credit ("ERC") was announced in March 2020 in order to motivate companies to retain employees on their payrolls. It is the employee Retention Tax Credit it is one of the biggest tax credits for dental practices and medical service businesses who have faced financial hardships due to the COVID-19 epidemic.
Even though business is improving right now, many medical office employers and dental practices are still able to receive these tax credit based on financial difficulties in 2020 and for the beginning of the 2021 quarter. The ERC is a cash refund through payroll tax that is available to dentists and businesses impacted from Covid-19.
More information about the Employee Retention Tax Credit in the videos below.
Dental practices, doctors, and medical office company owners may not even know that they could be leaving money on the table – potentially tens of thousands of dollars because they don't know about the Employee Retention Tax Credit (ERTC).
More information about the Employee Retention Credit
Enacted as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in 2020, this tax credit provides employers up to $7,000 per employee per quarter in refundable tax credits for the first three quarters of 2021, as well as up to $5,000 per employee for March 13 through December 31 of 2020.
Find out if your dental business is eligible to qualify for retroactive tax credits.