Mistakes in tax filing are more frequent than one might think, and they can lead to significant financial consequences. It is crucial for individuals to understand the common pitfalls when preparing their tax returns, as this knowledge can help them avoid costly errors and potential penalties.

As a taxpayer, you want to obey responsibilities, keep a clean record, adhere to tax laws and make the right claims on your return. This way, if you or your business ever face an audit by the IRS, you are well-prepared. The IRS strictly scrutinizes records every year, so having a chartered accountant to confirm the accuracy of your records will benefit you. To help you steer clear of these misconceptions, Conlon & Company, Certified Public Accountants, P.L.L.C has debunked some of the most widely believed myths about taxes.  

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Credit Amounts by Period 2020 – Qualifying employers, including those who received a loan under the initial PPP, can claim the ERTC against 50% of qualified wages paid, up to $10,000 annually per employee for wages paid between March 13, 2020 and December 31, 2020. The maximum credit per employee in 2020 is $5,000.