California Taxes Tips

CALIFORNIA DEPT OF TAX AND FEE ADMIN MAIN STREET TAX CREDIT II

Are you a small business owner in the state of California with less than 500 employees? Do you qualify for this tax credit that can be applied to sales and use tax or state income tax payments?   The credit is to help provide financial relief to qualified small businesses for economic disruptions in 2020 and 2021 that have resulted in unprecedented job losses.  The application window is open November 1st through November 30th, 2021.  You must have 500 or fewer employees, and have at least a 20% reduction in gross receipts for 2020 compared to 2019 in your calendar or fiscal year.  If you need assistance with application we can assist you with the process.  It requires monthly hourly payroll totals both for hourly and salaried employees.  Here are more details:

https://www.ftb.ca.gov/file/business/credits/main-street-small-business-tax-credit-II.html