Do you know the difference between a tax deduction and a tax credit?
Not to worry, it's simple, a tax deduction reduces income in order to determine taxable income. for example, ($100,000 in sales, less $30,000 in expenses provides $70,000 in taxable income). A tax credit is a dollar for dollar reduction in the amount of tax a business owes.
For example, ($100,000 in sales, less $30,000 in expenses provides $70,000 in taxable income, let's assume a 20% tax rate for simplicity, now taxes owed is $14,000, tax credit of $1,000, results in taxes owed of $13,000) Tax credits certainly are more complicated than tax deductions for a businesses, and tax professionals can provide you with numerous benefits to maximize your tax savings.
Your business loan, the interest paid is tax deductible, so if you need working capital before the end of the year, I can help:
Michael Koprowski
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