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My friend is a young entrepreneur, and terms like tax return confuses her. She wondered if she needed to include the ERC as taxable income on her business tax return.
The Employee Retention Credit (ERC) is not taxable revenue for enterprises. Businesses can use the ERC as a tax credit to reduce their payroll tax obligations. It is intended to offer monetary relief and assistance to businesses during trying times like the COVID-19 epidemic. The credit is not required to be declared taxable income on the business’ tax return. Still, it immediately lowers the amount of payroll taxes that are payable by the company.
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