Education: AA Liberal Studies, Limestone University
Erica has been writing about small business finance and technology since 2008. She joined Merchant Maverick in 2018 and specializes in researching and reviewing business software, financial products, and other topics to help small businesses manage and grow their operations. Her expertise has been cited in MSN, Reader’s Digest, Vox, U.S. News & World Report, and Real Simple. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll, a graduate of Limestone University, and currently resides in Greenville, South Carolina.
One form of relief offered to small businesses is the Employee Retention Tax Credit. First introduced in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, this tax credit could be claimed by eligible employers on quarterly tax returns. This program was expanded by the Consolidated Appropriations Act signed into law in December 2020, making the credit accessible to more employers.
The SBA offers a variety of loan programs that vary according to business needs. Its flagship program is the 7(a) loan program, which offers loans for most general business purposes. However, it also offers special programs such as microloans and disaster loans. Find out more about SBA loans, including who qualifies.
QuickBooks Online is cloud-based accounting software. It has the complex accounting capabilities that small business owners need and supports numerous integrations. Quickbooks Online has a lot to offer in terms of features, accounting, and usability.
If you’re looking for an online bank with strong rewards, LendingClub should be in the running. LendingClub offers competitive rewards checking features with both APY and cashback earning potential, and while the high-yield savings rate is a bit lower than those of competitors like Live Oak Bank or Mercury, there’s no minimum or maximum balance limit for APY earnings.
It can be harder for startups to qualify for business loans since many lenders want to that a business is profitable before they lend it money. One way to get around this Catch-22 is to use personal loans to finance the early stages of a business.
To qualify for ERC in 2020, businesses must have paid qualified wages to employees from March 13, 2020, through December 31, 2020. To qualify for ERC in 2021, businesses must have paid qualified wages to employees during the period of January 1, 2021, through September 30, 2021.
You may qualify for an ERC loan if you have a valid and verifiable ERC claim filed with the IRS. In most cases, lenders will not look at factors like personal credit score or business revenue, but this varies based on the company you opt to work with.
ERC Pros offers compliance-focused ERC processing for businesses of all sizes. The experienced team of tax and legal experts, a simple refund process, an overall positive public reputation, and a free analysis to determine eligibility are benefits you’ll find with ERC Pros.
If you have questions about the employee retention credit, you’re not alone. That’s why we’ve created this employee retention credit FAQ guide to answer all of your questions.
You can claim the R&D credit yourself by completing and filing the appropriate tax forms with your federal income tax return. However, due to the complexities of the tax credit, many business owners opt to use tax credit software or services to simplify the process.
Yes, you can claim the R&D tax credit every year, provided you have qualified research and development expenses. In order to claim the credit, you must meet all requirements of the IRS and you must file the appropriate forms with your income tax return.
The research and development tax credit (R&D credit) is a general business credit available to businesses that created or improved a product or process. Businesses that are eligible to receive the R&D credit must have participated in qualified R&D activities as outlined under Section 41 of the IRS Tax Code.
The amount of the R&D tax credit varies by a number of factors. Generally, a business should expect to receive 7% to 10% of qualified research and development expenses to be used toward federal tax liability.
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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
