Employee Vaccinations Make You Eligible For Tax Credits - Palma Financial

If you’ve been Googling “tax services near me” to find out your eligibility for tax credits, look no further!

Have you or your employees been vaccinated?💉 You may be eligible for tax credits.🤑

The federal government wants to encourage employers to allow employees paid time off for vaccinations and their potential side effects. They’ll give back a generous tax credit if they do so, but it’s completely optional.

If you have employees, you probably feel the same way. Indeed, more and more employers are implementing vaccine mandates—a trend that will likely grow after the FDA gives final approval to the COVID vaccines.

You can also collect these credits if your employees take time off to help family and household members get the vaccination and/or recover from its side effects. There’s only one thing better than having an employee vaccinated: having an employee’s entire family vaccinated.

How big are the credits?

  • Employers who give employees paid time off to get vaccinated against COVID-19 and/or recover from the vaccination can collect a sick leave credit of up to $511 per day for ten days, plus a family leaves credit of up to $200 per day for 60 additional days.
  • Employers who give employees paid time off to help household members get vaccinated and recover from the vaccination can get a sick leave credit for ten days, and family leaves credit for 60 days, both capped at $200 per day.

What if you are self-employed and have no employees? You haven’t been left out. Similar tax credits are available to self-employed individuals who take time off from work to get vaccinated or help family or household members do so.

It would be best if you acted soon. These sick leave and family leave credits are available only through September 30, 2021.

One more thing: these are refundable tax credits.
You collect the total amount even if it exceeds your tax liability. Employers can reduce their third-quarter 2021 payroll tax deposits in the number of their credits. If the credit exceeds these deposits, they can pay the difference in advance by filing IRS Form 7200, Advance Payment of Employer Credits Due to COVID-19.

The documentation requirements for these credits are modest, and you’ll have to file a couple of new forms with your 2021 tax return.

Let us take care of your tax and accounting needs, so you can concentrate on what you do best running your business!!! Let’s discuss more in a strategy session. Book Your Free Assessment Here with Tax Services Near Me!