Is The Employee Retention Credit Worth The Hassle?

Is ERC Worth the Hassle

Like most good things in life, you have to ask yourself: 

Is the reward worth the effort? 

When it comes to getting that last wrinkle out of your linen shirt, we’d say the answer is probably “no”

If we’re talking about potentially receiving tens of thousands of dollars back for your business after an incredibly tough financial year…

The answer is a resounding, “yes”.

In today’s blog, we’re going to tell you 3 reasons why applying for the ERC is absolutely worth your time, and why you shouldn’t wait much longer. 

Let’s dive in. 

 

Reason #1: You Probably Qualify

If you’ve gotten to this point of the blog and asking yourself, “what the heck is the Employee Retention Credit (ERC)?!”, then we suggest starting with this article first. 

In short, the Employee Retention Credit is more stimulus for your fitness business that you don’t have to ever give back. 

That’s right – it’s essentially free money. 

ERC was borne out of the CARES Act in 2020, and due to changes in legislation, is now worth tens of thousands of dollars to gyms and fitness businesses. 

At The Fitness CPA, our clients have received an average $57,000 back in cash from the government, no strings attached.

And the best part is? 

As a gym or fitness business with at least 1 employee, you are almost certain to qualify. 

Here are the simplified criteria: 

  • · You started your business before 2020

AND

  • · You have at least 1 employee (it counts if you pay yourself a salary).

Additionally, you must hit one of the following criteria: 

  • · Your revenue decreased for at least 1 quarter in 2020 and 2021, when compared to 2019.

OR

  • · You were forced to shut down, reduce capacity, or reduce working hours at some time during the pandemic due to statewide, countywide, or citywide regulations.

 

TIP: Nearly every fitness business in the United States faced some type of restrictions at some point the pandemic. Here at The Fitness CPA we can help walk you through the criteria and research the restrictions that may have affected your business.

 

Want to find out yourself? 

You can find out if you qualify in 60 seconds or less with our Do You Qualify quiz:

Do You Qualify for Employee Retention Credit

Unlike the Paycheck Protection Program or other stimulus programs, as long as you qualify for a few easy criteria, you are bound to receive some form of compensation back. 

 

Reason #2: Very little work = lots of reward $$$

Remember in our analogy above about ironing the pesky last wrinkle? 

Well, consider this the exact opposite. 

As a gym owner, there is very little work to do on your end. 

If you’re working with an experienced CPA who is well-versed in Employee Retention Credits, then all you really need to do is supply a few documents. 

Here’s how it works at The Fitness CPA: 

  1. You take this 60-second quiz to see if you qualify.
  2. You sign up to let us calculate your tax credit for free. (That’s right – for free!)
  3. We’ll ask you for a few documents and figures that help us in our calculations.
  4. Based on the data provided, we ask you a handful of questions.
  5. That’s literally it!

From here our team will let you know the exact amount of credit you are eligible for.  No estimates, we tell you the exact amount you are due back as calculated by The Fitness ERC experts.  From there you decide to hire us, or not (there’s no obligation).

We do the work, you collect the money. It really couldn’t be any less hassle.

Unlike the work for the Paycheck Protection Program, 98% of it falls onto the accountant who is processing the credit for you. 

If you’re curious, you can read more about what goes into the complex calculations in our blog post here, but just know that your accountant needs to do a lot of complex computing, as well as amending and adjusting previously filed payroll reports and tax returns.

It is a lot of work. But not for you! 

You can sit back, relax, and wait for the check to roll in. 

 

Reason #3: You Have Nothing To Lose!

Finally, we saved the best reason for last. 

There is nothing to lose by applying!

Aside from sending in a few documents as mentioned above, you’re not risking or wasting anything, aside from 10-15 minutes of your time. 

At The Fitness CPA, we calculate your potential savings for free

There is zero obligation to you!

You can find out exactly how much you will save before paying any money. 

After which, if you decide to proceed with the work, we’ll have the documents and information to handle the rest of the process from there. 

It’s really that simple. 

And the upside is… tremendous. 

Don’t just take our word from it. Read what our ‘once-skeptical’ clients have to say: 

 

“The Fitness CPA got us $69,000 back! I thought it was too good to be true, but…. It was REAL! It’s a great opportunity for us to open a second location now. Working with The Fitness CPA is incredible. I don’t understand how you do what you do. Thank you for everything. “

Zack Whitmer, Cycle Bar

 

“We are potentially receiving $365,000! We were shocked… and still are. I still don’t believe we are actually receiving this much in refund checks and credits. Eric and his team spent countless hours researching these credits and performing the work for clients. The Fitness CPA is one step ahead and provides great value for clients.” 

Billy Macaulay Title Boxing Club

 

“We’re getting $88,233 back. Wow!!! I love The Fitness CPA. There’s no other explanation than that. They go above and beyond, and if it wasn’t for them, I honestly don’t know where I would be for the books, taxes, and everything!”

Evan Myers, Anytime Fitness

 

 

Just Do It. Take The Stimulus! 

If you’re like most gyms in the industry, chances are you took on debt, owe money to landlords, and/or put expenses on hold over the past 15 months. 

And chances are you are still reeling from the effects of the pandemic.

The Employee Retention Credit can give your business a lifeline by adding tens of thousands of dollars (our average is $57,000!) back into your business at a critical time. 

It’s not a loan. It’s not a scam. This is real money. 

The best thing you can do as a business owner is to go ahead and apply. 

We’ve made it really easy. 

To start, find out if you qualify. 

Do You Qualify for Employee Retention Credit

If you’re pretty sure you do, you can skip straight to the part where we calculate your exact savings for free. 

And as always, if you have a question for us, you can get in touch with our accountants any time by submitting your request through our Get In Touch page. 

We’re happy to help. 

Check out some of our other great blog posts here

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