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Curing COVID, the Employee Retention Tax Credit was introduced to help companies with declining gross receipts to retain employees.  However for us in real estate, our business increased.  Now that we are in a post-COVID world, the real estate market has flipped and gross receipts have declined.  Does anyone know of any tax credit for our industry regarding employee retention with a loss in 2022 or 2023?

This might help a few businesses:

https://www.adp.com/spark/articles/2023/02/take-a-closer-look-at-your-tax-credit-opportunities.aspx

Work Opportunity Tax Credit (WOTC)

WOTC is a federal tax credit program that allows companies to receive tax credits when they hire individuals from defined target groups who have consistently faced significant barriers to employment.

Research & Development (R&D) tax credit

The federal R&D tax credit results in a dollar-for-dollar reduction in a company's tax liability for certain domestic research-related expenses. Qualifying expenditures generally include the design, development or improvement of products, processes, techniques, formulas or software. Further details on the R&D tax credit are outlined under Section 41 of the Internal Revenue Code.

It's always a good idea to review the lists of allowable write-offs and expenses. Here is a list for Real Estate Agents, but most of it applies to title agencies too.

https://www.getsymba.com/blog-posts/realtor-tax-deductions-list-for-2023

The Wicked Title Forum hosted an excellent webinar last week with a Cost Reduction Expert. Learn how expense reduction impacts cash flow, profitability, and business objectives. Gain valuable insights, best practices, and expert tips on short-term cash flow strategies, long-term cost reduction, spend analysis, supplier secrets, RFP best practices, and more. I was amazed to learn that reducing your expenses by $4,000 was equivalent to increasing your gross revenue by $40,000!  The webinar provides a lot of tips and tricks that small agencies can employ. For large agencies, underwriters and large vendors, Mike's services involve zero upfront costs. His firm takes a share of the savings they net you. So please, feel free to contact Mike directly for help at

[email protected]

You can watch the recap here: https://youtu.be/OhyREVBbI_Y

I have one last tip for you, continuing to think outside the box.  The Wicked Title Forum, last month, released it's first "Easy Kit" which provides you with everything you need to start successfully selling enhanced policies so you can increase your revenues. This kit provides step-by-step instructions on a proven sales method, Canva Templates for all letters, forms and flyers you'll need, and marketing templates too. Paid subscribers can get the kit for free as part of membership (or your 30 day free trial). Or you can purchase it directly from our store. More info here: https://community.wickedtitleforum.com/posts/37060758?utm_source=manual

Store link is here: https://wickedtitleforum.com/product/sell-enhanced/

I hope that helps! 

Curing COVID, the Employee Retention Tax Credit was introduced to help companies with declining gross receipts to retain employees.  However for us in real estate, our business increased.  Now that we are in a post-COVID world, the real estate market has flipped and gross receipts have declined.  Does anyone know of any tax credit for our industry regarding employee retention with a loss in 2022 or 2023?

This might help a few businesses:

https://www.adp.com/spark/articles/2023/02/take-a-closer-look-at-your-tax-credit-opportunities.aspx

Work Opportunity Tax Credit (WOTC)

WOTC is a federal tax credit program that allows companies to receive tax credits when they hire individuals from defined target groups who have consistently faced significant barriers to employment.

Research & Development (R&D) tax credit

The federal R&D tax credit results in a dollar-for-dollar reduction in a company's tax liability for certain domestic research-related expenses. Qualifying expenditures generally include the design, development or improvement of products, processes, techniques, formulas or software. Further details on the R&D tax credit are outlined under Section 41 of the Internal Revenue Code.

It's always a good idea to review the lists of allowable write-offs and expenses. Here is a list for Real Estate Agents, but most of it applies to title agencies too.

https://www.getsymba.com/blog-posts/realtor-tax-deductions-list-for-2023

The Wicked Title Forum hosted an excellent webinar last week with a Cost Reduction Expert. Learn how expense reduction impacts cash flow, profitability, and business objectives. Gain valuable insights, best practices, and expert tips on short-term cash flow strategies, long-term cost reduction, spend analysis, supplier secrets, RFP best practices, and more. I was amazed to learn that reducing your expenses by $4,000 was equivalent to increasing your gross revenue by $40,000!  The webinar provides a lot of tips and tricks that small agencies can employ. For large agencies, underwriters and large vendors, Mike's services involve zero upfront costs. His firm takes a share of the savings they net you. So please, feel free to contact Mike directly for help at

[email protected]

You can watch the recap here: https://youtu.be/OhyREVBbI_Y

I have one last tip for you, continuing to think outside the box.  The Wicked Title Forum, last month, released it's first "Easy Kit" which provides you with everything you need to start successfully selling enhanced policies so you can increase your revenues. This kit provides step-by-step instructions on a proven sales method, Canva Templates for all letters, forms and flyers you'll need, and marketing templates too. Paid subscribers can get the kit for free as part of membership (or your 30 day free trial). Or you can purchase it directly from our store. More info here: https://community.wickedtitleforum.com/posts/37060758?utm_source=manual

Store link is here: https://wickedtitleforum.com/product/sell-enhanced/

I hope that helps! 

Curing COVID, the Employee Retention Tax Credit was introduced to help companies with declining gross receipts to retain employees.  However for us in real estate, our business increased.  Now that we are in a post-COVID world, the real estate market has flipped and gross receipts have declined.  Does anyone know of any tax credit for our industry regarding employee retention with a loss in 2022 or 2023?