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Tax Credit Secrets for R&D, Non-Profits, Startups and More - Part 2 with Randy Crabtree
Description
Business owners dislike losing money to taxes even more than they dislike filing the returns! Discover how to leverage a range of tax credits from R&D to renewable energy. Turn your tedious tax return filing into a sweet, legal portal gaining you 3X more benefit than deductions.
In this episode of the Hidden Money Podcast, we continue to talk with Randy Crabtree of Tri-Merit Tax, whose expertise in tax credits may give you the tax-break you’ve been looking for.
Disclaimer: The content of this podcast is not legal advice and is meant for educational purposes only.
In this episode, we discuss
The distinction between tax credits and deductions, emphasizing the significant advantage of tax credits in reducing taxes effectively.
A detailed exploration of the Research and Development (R&D) tax credit, including the 4-part test for qualification.
Real-world examples illustrating the broad applicability of the R&D tax credit beyond traditional high-tech sectors.
Insights into the misconceptions around what constitutes technology in the context of R&D, with examples demonstrating that even non-high-tech businesses can qualify for the credit.
Considerations for startups not yet making profit, regarding the R&D tax credit, with a focus on how it can offset payroll taxes.
An overview of the substantial opportunities presented by the Renewable Energy Tax Credits.
The user-friendly nature of renewable energy credits, with nonprofits being able to turn the credit into a tax payment, and for-profit businesses having the flexibility to offset Alternative Minimum Tax (AMT) or sell the credits.
The interconnected opportunities arising from installing renewable energy, such as the potential for additional tax benefits like the Energy-Efficient Commercial Building Deduction Credit (179D) and the possibility of cost segregation studies.
To Learn More
If you are interested in exploring tax-credits in more detail for your business, reach out to Mike and Kevin in the link below. If you want to connect with Randy Crabtree, you can visit his website Specialty Tax Professionals | Tri-Merit and connect with his team on the Meet the Team page Meet The Team | Tri-Merit. You can also find him on LinkedIn and other social media platforms.
To access the bonus tax content mentioned in the episode, go to https://www.hiddenmoney.com/bonus
To start using the tax code as a tool to grow your wealth, schedule a call with Pine & Co. CPAs: https://www.pinecocpas.com/consultation
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