Small-business owners had a lot to juggle in 2023: a shifting landscape of workplace rules, a tighter credit market thanks in large part to the Federal Reserve’s interest-rate hikes and an often-chaotic labor market.
It would be easy through all of that to lose sight of tax credits that could help your business. That’s why we’ve compiled here a list of some of the prime tax credits available as the new year begins.
The Employee Retention Credit and its big 2024 deadline
The Employee Retention Credit, through which businesses potentially could receive up to $26,000 per full-time employee, has been in flux as of late. The IRS declared a moratorium on accepting any new claims for the ERC on Sept. 14 through at least the end of the year, citing extensive issues with fraudulent applications.
The IRS then on Oct. 19 said it had created a special withdrawal process for businesses that have submitted an ERC application but have yet to receive any money. That would help business owners who were scammed by bad actors into applying for a credit they did not qualify for — and it was rare to qualify for the full amount.
