Tax season can be a stressful time for many individuals and businesses. However, with the right knowledge and strategies, you can make the most out of your tax return and potentially save money in the process. At Conlon & Company, Certified Public Accountants, P.L.L.C., we understand the importance of maximizing your tax benefits. In this blog, we will share five valuable tips to help you confidently navigate the tax season and optimize your tax return.

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.