Employee Retension Credits, do you quaify?

YOU QUALIFY IF:

A governmental authority ordered your business to shut down or reduce its hours.

• Your business fully or partially shut down during any quarter of 2020 or 2021 (starting March 12, 2020).
• The credit applies only to the portion of the quarter(s) you were affected by the shutdown.

OR

Your business experienced a significant reduction in gross receipts.

• For any quarter of 2020, your gross receipts were 50% or less than the same quarter in 2019

OR

• For any quarter of 2021, your gross receipts were 80% or less than the same quarter in 2020 OR 2019

Standard Mileage Rate increase

 The standard mileage rate has been risen to 62.5 cents for the remainder of the year.

58.5¢ to 62.5¢ per mile

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For the second half of 2022, the standard mileage rate for business use of an automobile will increase from 58.5¢ to 62.5¢ per mile. The rates for deductible medical travel and moving expenses for active-duty members of the military will rise from 18¢ to 22¢ per mile.