How to Get Small Business Tax Credits & Incentives | How We Saved $100,000 on Business Tax Expenses!

Рет қаралды 92,565

Күн бұрын

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/
///
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).

Пікірлер: 60

@seizetheday2890 2 жыл бұрын

We just built a new home and realized we will qualify for a residential energy credit. Your video saved us $500. Thank you!

@LYFEAccounting 2 жыл бұрын

I’m happy to hear this! Thank you for circling back to this video to let me know. Just made my day. Good luck!

@tamicole9326 2 жыл бұрын

Your Wisdom is Awesome, I would like to talk with your team for some tax credit advice thanks

@LittleBitesbyCassy 2 ай бұрын

This was super helpful for someone who knows nothing. You were very clear and the examples helped a lot.

@Bayouboy25 Жыл бұрын

Great video! You answered some questions I’ve been researching for a while. Thanks!!!

@kristinaramirez1181 2 жыл бұрын

Thank you so much for all this wonderful and useful info. I am learning and grasping so much of the info. THANK YOU!

@texasgulfcoastrealestatebi5062 Ай бұрын

Excellent and useful information.

@royziyaev1663 3 жыл бұрын

Very clear and interesting!!! Good Job

@LYFEAccounting 3 жыл бұрын

Glad you liked it!

@rstarcar665 2 жыл бұрын

I've learned, So much from watching your channel. Keep up the good work 👏 .

@LYFEAccounting 2 жыл бұрын

Thank you so much. Much more value on the way. 🙂

@toniflood5104 2 жыл бұрын

Lyfe is awesome keep up the great work 👍...I understand alot better now!!! Thanks🙏

@blackbutterfly1517 2 жыл бұрын

Your team is providing such awesome content!! Thank you 😊

@Nmoney702 2 жыл бұрын

I love this channel, thanks

@atlarichie 2 жыл бұрын

Thank you so much my brother for spreading the knowledge, and inspiring us to do more!

@LYFEAccounting 2 жыл бұрын

Thank you for your continued support! We appreciate it.

@KeranSmith 3 жыл бұрын

Opportunity Zone? 😱I've been missing out. Thanks.

@LYFEAccounting 3 жыл бұрын

💯

@easeupletup5307 3 жыл бұрын

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

@LYFEAccounting 3 жыл бұрын

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.

@SimplyHuman186 3 жыл бұрын

not metaphorically answered ?

@mariatrapanese701 2 жыл бұрын

I love the background music...

@shayquisenberry5336 3 жыл бұрын

Thank you! You have saved me with my economic development finance class.

@LYFEAccounting 3 жыл бұрын

Nice. Good luck in the class.

@Bluewh174 2 жыл бұрын

Nice video… what’s the maximum college tuition fee credit that we can get per year for self employment?

@tedkrapf1302 Жыл бұрын

Shermin! Awesome stuff! Can Lyfe do org formation, books and tax planning for businesses in Minnesota? I'd love to have a conversation!

@LifeWithEmin 10 ай бұрын

You can use both tax deductions and tax credits at the same time right?

@parmoni 2 жыл бұрын

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

@zacharydelgado2279 2 жыл бұрын

Typo at 7:50

@Drauge2208 2 жыл бұрын

I was looking for this comment

@sirnight1043 2 жыл бұрын

Crazy how this info is free

@LYFEAccounting 2 жыл бұрын

Welcome to the channel! 😎

@mariastorey8627 3 жыл бұрын

Thanks

@LYFEAccounting 3 жыл бұрын

Thanks for watching

@deenies8966 3 жыл бұрын

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.

@LYFEAccounting 3 жыл бұрын

Hi Dee, yes you can take tax deductions AND credits. 😊

@margaretburtch2683 2 жыл бұрын

better life starts needs your help

@LYFEMarketingAtlanta 3 жыл бұрын

🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥

@TheEbonydior 2 жыл бұрын

Great video! Team #gsu

@LYFEAccounting 2 жыл бұрын

#TheRealGSU

@SimplyHuman186 3 жыл бұрын

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

@justindavis3570 2 жыл бұрын

Im going to watch all 257 videos now

@LoveGuruBlaire 2 жыл бұрын

If the accountant doesn't know about these then what's the point of hiring a cpa?

@MrsPerry-zf7eq 3 жыл бұрын

Hello where’s the link to contact your business to file taxes?

@LYFEAccounting 3 жыл бұрын

We aren't accepting clients right now, but we'll again soon!

@margiescoggins3587 3 жыл бұрын

I would like help with setting up my business profile.

@LYFEAccounting 3 жыл бұрын

What profile exactly?

@juicyworkshaw6545 2 жыл бұрын

Hello sir I'd love to speak and learn more about tax credit and getting a grant I'm honest a startup

@Geminellie06 Жыл бұрын

So tax credits are like business coupons 🤔 😆

@sheniquamoss2871 3 жыл бұрын

Hello! How can I contact you! I have questions on learn how to do taxes.

@LYFEAccounting 3 жыл бұрын

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

@1x0x 3 жыл бұрын

@@LYFEAccounting you should sell a course on taxes

@rijindas608 11 ай бұрын

❤

@jusssmeh7860 2 жыл бұрын

Will you accept it

@naikeelovince7774 2 жыл бұрын

OMG! Sherman, would you please be my CPA? Please please please 😊

@dalecrosby4479 3 жыл бұрын

I wanted to like the video but l can't. There's currently 444 liked. So 👍🏾

@LYFEAccounting 3 жыл бұрын

lol understood. Thanks for watching.

@user-cw8vt3zc8t 10 ай бұрын

it's just too much of a liability

@jusssmeh7860 2 жыл бұрын

I am the messenger

@jusssmeh7860 2 жыл бұрын

I have a message