Central Fairfax Chamber of Commerce: Don't Leave Money on the Table: Commonly Missed Tax Planning Opportunities for 2023

Many businesses took advantage of COVID relief programs such as PPP and EIDL, but many more are still missing out on funds from the Employee Retention Credit (“ERC”). Eligible employers who paid qualified wages can claim up to $26,000 per employee in refundable tax credits.

Another missed opportunity occurs when companies do not effectively utilize tax planning strategies. These strategies include the work opportunity tax credit, research and development credit, planning for long-term sustainability, bonus depreciation, and business expenses.