How to Get Small Business Tax Credits & Incentives | How We Saved $100,000 on Business Tax Expenses!
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- Опубликовано: 8 июл 2024
- Hint: Your accountant doesn't even know about these tax credits.
Become a Tax Client: mycpacoach.com/tax-planning-s...
Do you want to know how the rich get away with paying little to no taxes, while many others overpay on their taxes?
Like, do you REALLY want to know?
Well here it is - Tax Credits and Tax Incentives!
In this episode, I’m going to uncover and fully breakdown small business tax credits and incentives that can put tax dollars back into your pockets.
We used just one of these credits and it saved us over $100,000 in business taxes!
Alright, let's get started.
Outline:
Intro: (0:00)
Business Tax Credits vs. Tax Deductions: (2:43)
How Business Tax Credits Work: (4:18)
The "What" & "Why" of Business Tax Credits?: (6:03)
How We Saved $100,000 from Business Tax Credits: (6:38)
Where to Find Business Tax Credits: (7:56)
The HOTTEST Small Business Tax Credits: (9:28)
Recap: (14:38)
Interested in talking with someone from our team? Sign up to get notified when we are accepting new clients here: lyfeaccounting.com/coming-soon/
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
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We just built a new home and realized we will qualify for a residential energy credit. Your video saved us $500. Thank you!
I’m happy to hear this! Thank you for circling back to this video to let me know. Just made my day. Good luck!
Your Wisdom is Awesome, I would like to talk with your team for some tax credit advice thanks
Great video!
You answered some questions I’ve been researching for a while.
Thanks!!!
This was super helpful for someone who knows nothing.
You were very clear and the examples helped a lot.
Excellent and useful information.
Very clear and interesting!!! Good Job
Glad you liked it!
Thank you so much for all this wonderful and useful info. I am learning and grasping so much of the info. THANK YOU!
I love this channel, thanks
I've learned, So much from watching your channel. Keep up the good work 👏 .
Thank you so much. Much more value on the way. 🙂
Lyfe is awesome keep up the great work 👍...I understand alot better now!!! Thanks🙏
Your team is providing such awesome content!! Thank you 😊
Opportunity Zone? 😱I've been missing out. Thanks.
💯
Thank you so much my brother for spreading the knowledge, and inspiring us to do more!
Thank you for your continued support! We appreciate it.
I love the background music...
Nice video… what’s the maximum college tuition fee credit that we can get per year for self employment?
THANK YOU. Literally answered a question I've had for awhile. Your deduction and credit demonstration was great! Also how much I would be taxed on the business income and eligible expenses... google was no help lol
You’re welcome. It depends on how your business entity is set up. For example, a corporation is taxed differently than a LLC. Then it depends on how much income you made, minus deductions, and the remainder will be taxed based on your tax bracket. We have another video on our page about tax brackets that might help you understand how that works a little more.
not metaphorically answered ?
a video on how to actually calculate these tax credits would be super helpful... googling around to calculate how much tax credit to claim was impossible
Thank you! You have saved me with my economic development finance class.
Nice. Good luck in the class.
Crazy how this info is free
Welcome to the channel! 😎
Shermin! Awesome stuff! Can Lyfe do org formation, books and tax planning for businesses in Minnesota? I'd love to have a conversation!
better life starts needs your help
so we set up an LLC with the owner as Private Member Association (PMA) Bank Secrecy act allows this, with no EIN because there is no specific individual. its simply a general something in commmon. not sure
You can use both tax deductions and tax credits at the same time right?
Thanks
Thanks for watching
Hi there thanks so much for the info. Still questioning: Can I take my normal business deductions, then I ALSO take the tax credits? Or is it choose one way -- deductions OR credits? I would greatly appreciate your input on this... I can't find this on the internet.
Hi Dee, yes you can take tax deductions AND credits. 😊
If the accountant doesn't know about these then what's the point of hiring a cpa?
Typo at 7:50
I was looking for this comment
Great video! Team #gsu
#TheRealGSU
Im going to watch all 257 videos now
I would like help with setting up my business profile.
What profile exactly?
Hello sir I'd love to speak and learn more about tax credit and getting a grant I'm honest a startup
🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥
Hello where’s the link to contact your business to file taxes?
We aren't accepting clients right now, but we'll again soon!
Will you accept it
So tax credits are like business coupons 🤔 😆
Hello! How can I contact you! I have questions on learn how to do taxes.
We don't teach how to do taxes. But if you want, we can file them for you. You can contact us at lyfeaccounting.com
@@LYFEAccounting you should sell a course on taxes
❤
OMG! Sherman, would you please be my CPA? Please please please 😊
I wanted to like the video but l can't. There's currently 444 liked. So 👍🏾
lol understood. Thanks for watching.
it's just too much of a liability
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I am the messenger