Details on Hurricane Relief Tax Credit for affected Businesses

HURRICANE TAX RELIEF

HURRICANE TAX RELIEF

The Latest information of the new Hurricane Relief Tax Credit signed into law on October 2, 2017.

In a nutshell.....

Here is how you qualify:

  • Your business was closed or made inoperable by Hurricane Harvey in some way during the time period for August 23, 2017, through January 1, 2018.

  • Your business was closed or made inoperable by Hurricane Irma in some way during the time period for September 4, 2017, through January 1, 2018.

  • You continued pay your employees during that time you were closed.

Once your eligibility for the Tax Credit is determined, then here’s how to calculate the amount of credit to expect:

  • Take up to $6000 in eligible wages paid out during the time period mentioned above (while the business was closed) and multiple it by 40%.

  • Max tax credit is $2400 per employee.

We are working closely with our partners help keep you updated and in compliance.

If you have any questions or are interested in learning more about this tax credit, please contact our office at (386)320-5347 or send us an email at info@fixitaccounting.com.

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Edith Duranhurricane tax relief, Tax credit, Tax extension1 Comment