35 Burst results for "Tax Credits"
Biden wants to raise taxes on the wealthy and corporations. Here's why that's going to be hard
"Biden has said he wants profitable corporations to pay their fair share in taxes but under the latest tax legislation some companies would still be able to pay nothing. According to the democratic proposal approved this month by the house ways and means committee the top corporate tax rate would jump from twenty one percent to twenty six point five percent but our reporter richard rubin says the bill doesn't address the reasons that profitable companies sometimes don't pay taxes the company that aren't paying taxes or paying. None are often doing things that the government is encouraged them to do by giving them tax breaks the do it so for example that includes investing in equipment where you get a full and immediate deduction it includes doing corporate research so that you are you get a tax credit for that and i think what democrats are doing is they're saying look we know there's some companies out there that don't pay taxes and are profitable but we're not going to solve the equation for that. We're not gonna fix eight on that we're going to address what we see. Is maybe bigger issues. And they're going to focus on trying to encourage companies to do things that democrats want them to do invest in solar power invest in low income housing. And they're not willing to give up those goals. In order to fully address. This idea that every profitable company has to pay something in taxes. But a white house official. Says that. The committee's bill does markelle step forward in biden's effort to get companies to pay
The Left Ruins Everything It Touches
"Hello my friends. Dennis prager here. A reminder what the democrats are doing to this country he's ruining it. The democratic party is ruining the united states of america because it's controlled by the left and the left ruins everything touches to deny that is to engage in wishful thinking and it's inexcusable means. You don't have the courage to say the left is is evil. The left is evil. The left everywhere is evil. Not liberals liberals are my eve liberals often lack courage politically. They're often wonderful individuals. I love some of them personally but they won't acknowledge because it's very hard to stare at evil to destroy america. The last best hope of mankind is that's not evil then. I need a definition of evil. So i'm very specific. And what. I mean by evil in this case. They're destroying this country. Intentionally taxpayer payers should understand. The magnitude of the benefits is the wall street journal editorial about the the The new entitlements that they are giving for children basic income for families with children basic income for all families before the expansion the average child credit for a family below one hundred percent of the poverty line was about nine hundred. Seventy five dollars now. It's five thousand. Four hundred twenty one dollars that comes on top of their transfer programs such as food stamps and the earned income tax credit. The child entitlement will reach well into the middle class which is part of the political goal of course at the end of democracy when people understand. They could vote for politicians. Who will give them money. That's it it's over then nobody votes for what's better for the country they vote for. How do i get more money.
Larry Kudlow Breaks Down Biden Taxation Proposals
"Speech today. Was just The usual Left wing. Progressive Pap. He wants to level the playing field. It's all about class work there. We're going to take from the rich. Who, of course, don't pay their fair share of taxes. And we're going to give all these new Government welfare programs. And by the way, not a single one of those programs has a work requirement or an education requirement. There will be completely dependent on the state. The worst part of it to me is just the factual lies by To say that you have lots of corporations who don't pay any taxes. Lots of rich people, quote unquote who don't pay enough taxes. Their fair share, and we have to level the playing field. Look at. I don't want to level the playing field. I want to raise the playing field. I want to expand the pie. I want ordinary middle income blue collar wage earners to get more wages. To have better equipment and technology so they can be more productive. Then their family incomes will go up, all of which happened following the trump tax cuts. The Biden tax increases are going to reverse everything here. I mean, it's just the idea that $400,000 Nobody under $400,000 don't pay higher taxes. Well, think of it. This. First of all the joint tax committee shows that that's untrue. That people there's a little bit you're right below and the 30,000 that has something to do with the implementation of the child tax credit. But the main thing here is People around 100 or $200,000. $300,000 You know you're talking about families. Families we're talking about. It could be two incomes.
Federal Aid Saved Families During the Pandemic
"The money and other resources. The federal government brought to bear to keep people afloat during pandemic was in essence of vast anti-poverty program. We'll get a sense later. Today of how well the pandemic relief worked. When the us census releases twenty twenty data on poverty other indicators show the programs kept hunger at bay in many households and democrats are pushing to extend some of those programs which do have costs. Marketplace's amanda teacher has more the government provided billions of dollars in pandemic aid. Emergency unemployment benefits stimulus checks and increase supplemental nutrition assistance benefits or food stamps. Without all that care about dairy from. I focus on children's says things would have been much worse while dairy points to the advanced child tax credit deposits up to three hundred dollars a month per kid. They put cash directly in the hands of families cash. That's been going toward things like groceries or rent. Democrats want to continue the child tax benefit the treasury department says it would cost taxpayers about one hundred ten billion dollars a year. Eric york is with the tax foundation. It becomes just very expensive to make it permanent. She says that may be why. Lawmakers are only proposing to extend it through twenty twenty-five according to columbia university social policy center child poverty dropped by more than forty percent after the first child tax deposit in july. I'm amanda feature for
Joe Manchin Calls for Pause in Democrats’ $3.5 Trillion Spending Push
"Joe manchin wrote in last thursday's wall street journal. The congress should quote hit a strategic pause on joe biden's economic plan because he's worried about the effects on inflation and the national debt axios than reported on wednesday. That mansion won't support a plan that costs more than one point five trillion dollars. The current plan cost three point. Five trillion dollars over ten years in mansion also has specific concerns about home care for the elderly and disabled affordable childcare universal community college universal preschool and the monthly child tax credit checks have already lifted three million children out of poverty in july
Infrastructure, Jobs and Climate Change
"So i wanna start with your giving us an overview of the infrastructure. Plan as you understand it you know what do you what do you see is specifically in it. And what do you think the priorities are. Well thanks so much john. And it's a pretty comprehensive plan. And i think the general theme to keep in mind for your viewers is. This is very much a jobs plan. But there's no question in the minds of anyone who's read or in the administration that the belief behind the plan is that it at the same it deals with really four interwoven challenges that the administration is facing and of course the first is the post pandemic reality. The second is the economic downturn. The third is the climate crisis and the fourth is inequality and racial equity and the disproportionate environmental harm and other harms had replaced on low income communities and communities of color. No not putting those in any kind of priority. They're all of the utmost important but the general theme is that the road to economic recovery is through climate action and so it isn't infrastructure. A jobs plan. But there's no question that it very very intentionally addresses the climate crisis in a number of ways and know that the bite administration signaled his plans. He's been remarkably consistent with messages of last summer. If you saw the the biden clean energy biden plan he had a whole blueprint around clean energy and environmental justice and he has come through with flying colors in this plan. You know first and foremost it really is a building up of the clean energy sector the job-generating clean energy sector and the lesson from two thousand nine. As you all know now from the stimulus that then vice president biden worked on it. It just was simply not enough. Finding it wasn't enough finding it wasn't enough where the energy sector so this is gonna largely come through in the form of an array of renewable energy tax credits various forms and which are wildly popular and successful Those are really important. We'll certainly get the support of the business and there's something called a direct pay provisions that is important to renewable energy developers for those who may not have the adequate tax equity to benefit from a tax incentive. That's built into the into the whole thing at this point. I want to say that. There's something called justice. Forty which is outlined from the very beginning. President biden made it clear that forty percent of the benefits of his investments would go to underserved frontline disadvantaged communities
After Afghanistan August, Biden Pivots to Domestic Agenda
"I'm david brancaccio. The biden administration spent august focused on pulling the us military out of afghanistan and attempting to quell the delta variant. Now it's september. The white house is hoping to turn to its economic agenda marketplaces and dealers on the line with more of those priorities. That's right david. The white house is looking to pass more than four trillion dollars in domestic spending. Which includes that bipartisan infrastructure. Bill that biden is arguing is even more pressing after hurricane ida devastated the gulf coast and left some of the northeast flooded and he approved major disaster declarations up north. And he's also touring the damage in new york and new jersey today. And you know that he's going to be pushing that build back better agenda in the process and the bulk of the spending would come as a budget reconciliation package. It's called with the price tag of some three and a half trillion dollars with a t but sounds like summer worried about spending too much. Yeah that's exactly right. That's spending would effectively direct toward different social programs. Things like family services health. lots of environmental programs. Now senator joe manchin of west virginia. He's a pivotal democrat. Whose vote is key to getting anything through the senate. He's already said that. He's worried about the government racking up so much debt but the biden team is confident that he's going to be persuaded now. Biden's also continued to argue for a higher corporate tax rate to help pay for community. College paid family the expansion of child tax credit as well but in terms of capturing the spotlight afghanistan and pandemic. These are not going away. That's exactly right. They're not and it's really biden's hope that he can shift focus to his economic priorities but that could be easier said than done especially after two important pieces of the cove in nineteen relief. Package just ran out. The federal moratorium on evictions is over and just yesterday. Almost nine million people lost their unemployment benefits
Two Anchors of COVID Safety Net Ending, Affecting Millions
"Labor Day this year represents a perilous crossroads for millions of Americans his two anchors of the government's corona virus protection package end an estimated eight point nine million people are losing unemployment benefits with the three hundred dollar federal boost to weekly payments expiring a federal moratorium on evictions has already expired while other aspects of pandemic assistance including rental late and the expanded child tax credit are still widely available millions of Americans face Labor Day with the suddenly shrunken social safety net Senate Majority Leader Chuck Schumer says Congress should extend the added jobless benefits I believe in extending it they're a good number of congressmen and senators who do not we're going to fight to trying get it president Biden believes the U. S. economy is strong enough not to be rattled but on Friday he added states have the option to extend those benefits and the federal resources from the rest can plan to do so Ben Thomas Washington
TikTok Is Making Tax Policy Cool
"Dylan last month. You wrote about the tick-tock response to the child. Tax credit which are the monthly payments of up to three hundred dollars that went directly to parents in need during the pandemic. So what is it about these checks that made them so me mobile so i think The most important part of it is that the checks were not universal where nearly universal for the people being targeted. The child tax credit goes to all but the very richest parents in the country. Parents are very large group Parent mom dad focused to talk in facebook and instagram are all phenomena already and so it was very easy unifying thing and i think beyond that it all landed at the same time we not child caps. Probably your account on. You have no idea. It's it's not. As though people applied for at different times in started receiving edge of times it all rolled out on july fifteenth. And so when everyone's getting a sudden Deposit to their bank account at around the same time that makes it very easy to make content that people will relate to and dave. You see a lot of memes on tick-tock related to all kinds of big news. Events is tax policy. Usually up there as the most likely to inspire amine. It's not it's not the number one news event that might be driving different. Sort of tick-tock memes. But that's not to say that it couldn't be in this case it definitely was. I think it's really just about something any news. Event really that or government policy. That is easy enough to understand. And i would say under fifteen seconds. Don't make really good point that it was happening to a lot of people at once so the simultaneous nature of that where we also we're sort of experiencing that once really helps I think it all the way back to march twenty twenty when take talk had just a huge growth. In people that downloaded it was because the pandemic never was experiencing the same thing at once so a lot of the talks including washing post. Docs at that point. Where just all about going insane at
Senate Backs Limiting EV Tax Credits
"Everybody robin our here and they were talking about some news on the federal. Us tax credit. There's been a new introduction there in the senate then. We've got some news out of china and berlin i two quick scheduling update as i mentioned at the end of yesterday's episode. I will be traveling this week. So i'm planning on probably doing a livestream tomorrow and probably without much equipment so might just be me talking to you guys face to face and then i'll have to be off on friday. I i up here. Let's talk about what's going on with this. Ev credit so we know that yesterday the senate had passed the infrastructure bill that includes funding for charging stations that will go over to the house of representatives. But in the meantime the senate has been working on the three and a half trillion dollar budget plan which the democrats hoped pass along side the infrastructure bill so the senate has done today is passed a budget resolution by a vote of fifty to forty nine and this while also then move over to the house of representatives. The house is currently on recess but will be returning on august twenty third earlier than previously scheduled to work on this budget resolution. The best way to understand what the budget resolution is to think of it. As a blueprint or framework. This is not a bill. It's not something that eventually get signed into law but it does outline the eye level goals for the budget in terms of spending revenues deficits and allocation of the budget then also serves as a prerequisite for the reconciliation process which we've talked about a little bit in the past. We all need to go through all the details of that but basically it's about the democrats hope to be able to use to eventually get this budget through congress so this is one step along the way many steps remaining there will be a low here for a couple of weeks and will probably start to hear more when the house is back and session so i mentioned that there was news on the tax credit. That news is from this budget resolution. Which remember is just outlining the high level framework so nothing here is getting signed into law. This is really just a set. The agenda and there will be ongoing debate about what finally ends up in. The budget reconciliation process. Hopefully that provides enough context to set the stage here so bloomberg reporting via auto news. Here quote the. Us senate voted fifty-one to forty-eight for a nonbinding amendment to president joe biden's three and a half trillion dollar budget resolution aimed at limiting who can get a tax break for buying an electric car or truck. And which vehicles qualified
When Parents Can Expect Their Next Child Tax Credit Payment
"Round of advanced child tax credits to more than 30 million qualifying households across the country. His case here. W. Tara A tree in reports L. A County wants to make sure that local parents,
IRS Warns of Child Tax Credit Scams
"You're eligible for the federal child tax credit, some scammers maybe try to cheat you out of your money. We told you a little bit about that story a moment ago, and here's more from ABC is Rebecca Jarvis, a text message with a link to apply for the child tax credit an email asking to click and claim your economic stimulus payment. These are fake. According to the IRS. Cybercriminals, actively trying to scam entitled Families Out of this money were seen scammers trying to take advantage of the American public by attempting to gain information using Phone calls EMAILS cats messages through social Media, the better Business Bureau, also with an alert child tax credits are coming, and so are the scammers and cybersecurity firm Domain tools reporting it's found nearly 50 sites pretending to be part of the government's American rescue plan, which includes the child tax credit. If you were searching for, you know American relief plan, you may come across one of these sites domain tools, saying while many of the sites have since been taken down. These are still active, all with a similar design and all not ending in dot gov. A major red flag. These sites still safe enough the identity information the sites asking for your social security number and driver's license or state ID number to apply, They'll be able to steal someone's refund. Checked and also, you know, log into, uh Any sort of bank account information. GM a tried contacting the sites for each either no response. Or we couldn't get through to reach a person, the IRS stating it does not contact taxpayers via email, text message or social media platforms to request personal or financial information for verification or any information related to the child tax credit.
Brianna Walker Brent, Treasury Department And Jennifer Bracelet discussed on AP News Radio
"Monthly payments for low income families from the expanded child tax credit are starting to arrive the treasury department estimates that over thirty five billion families are receiving payments averaging four hundred twenty three dollars in July as part of the expanded child tax credit part of president binds one point nine trillion dollar corona virus relief package it was great I immediately paid my rent which was late Brianna Walker Brent we do Hampshire is taking care of three children and took custody of two siblings last year it's going back into the day care it's going into the food it's going to the grocery store Jennifer bracelet share is the director of the daycare that Walker's children tend to not feeling quite so like they're living on the edge one study from the center on poverty and social policy at Columbia University estimates the payments could cut child poverty by forty five percent they're also a test of sorts president
Lucid Goes Public to Accelerate New Products
"It goes public on the nasdaq. Hsieh's of lucid rose. Ten percent yesterday following their debut the startup receives four point. Four billion dollars in cash from the transaction after expenses saudi arabia's public investment fund have been a controversial for some people at least about certain things that do with saudi investment. That a billion dollars into lucid over the years they now come out of this with lucid worth twenty four billion and the saudi public investment fund owning sixty percent of the company By any measure. That's a damn good deal. These reverse merger deals Can indeed provide a cash injection to accompany to go public very quickly without the usual. Ipo process and it does give them four and a half billion dollars in cash to accelerate they're all out there roadmap much just cars. Suv's but also immobility Things like electric boats and planes e. Vitale you'll hear pizza. Rowlinson call it also home energy storage as well. Not just the lucid air. That starts seventy grand off the tax credits. But it'll go up to one hundred sixty two thousand. They are on target to deliver them. I've got a clip era of peter. Rawlinson the ceo. Talking this is edited for brevity by the way just full disclosure. But you can see the full Listen to the full audio is online on social media. How listen to what he had to say. We are on track for delivery of the groundbreaking lucid this year and we're on track for production shedule in custody monday plant. We've already started ground. Leveling for incredible integration of phases. Two and three of the factory bringing two point seven million square foot of expanded factory space ready for the introduction of the gravity project in late. Twenty twenty three
Poll: Parties Split on Some Infrastructure Proposals Extends to American Public
"The partisan divisions over president Biden's infrastructure plans seem to extend to the American public in AP-NORC center for public affairs research poll finds eight in ten Americans favor more funding for roads bridges and ports but the differences grow from there just fifty five percent approve of how the president's handling infrastructure as he tries to push a nine hundred seventy three billion dollar deal through Congress Democrats are looking to separately take up a three and a half trillion dollar proposal to cover things like child tax credits and free community college about three quarters of Democrats backed both proposals only about a fourth of Republican support free community college and a third favored the tax credit Sager mag ani Washington
The First Child Tax Credit Payments Go out This Week
"Batch of $300 child tax credits is heading family bank accounts as part of President Biden Stimulus law. They are set to continue for the next five months, though some Democrats want them to be permanent a new morning consult political survey finds, While just Over half of voters support the monthly payments close to the same number feel they should be temporary.
"tax credits" Discussed on Money Girl's Quick and Dirty Tips for a Richer Life
"A gi by tax filing status. That you've gotta meet to claim the full child tax credit for twenty twenty one. If you're a single tax payer you've got to earn seventy five thousand dollars or less. If you're a head of household you must earn one hundred twelve thousand five hundred dollars or less and if you're a married couple filing taxes jointly you must earn one hundred fifty thousand dollars or less so let me give you an example..
"tax credits" Discussed on Money Girl's Quick and Dirty Tips for a Richer Life
"Lately. And that's what our show is about the child tax credit payments. These are going out from the irs. Too many american families in fact you may have already seen the money. Show up in your bank account. This podcast will review what the child tax credit is and who qualifies for it. You'll find out how much you could receive. And if it could affect your future tax refund so let's start out with a primer on what it is exactly the child tax credit. It's not new. It's something that's been around actually. Since one thousand nine hundred ninety seven however due to covert relief known as the american rescue plan of twenty one the credit has changed significantly for a limited period. If you have kids you're probably familiar with the child tax credit. But if you're like me and you don't have kids. The credit may be news to you. So let's talk about it. The child tax credit is a federal benefit for qualifying tax payers with one or more qualifying dependent children. It puts more money back into the pockets of families. By reducing the amount of tax they owe or increasing their tax refunds. Unlike a tax deduction attacks credit works very differently. It cuts your tax bill on a dollar for dollar basis and that makes it a lot more valuable than a tax deduction. Let me give you an example. Let's.
"tax credits" Discussed on Money Girl's Quick and Dirty Tips for a Richer Life
"So erin i would start by asking your existing bank if they offer a sweep or if they have any recommendations and if you have a relationship with a brokerage firms such as vanguard or fidelity they may offer a sweep account for you so contact them about it as well. Just be sure that the fees for having a sweep account are offset by your earnings. All right i got another question from chantal. Who says i've been listening to your podcast for the past two weeks. And one day i even went on a binge and listen to twelve episodes. It's great stuff. And i recommended you to my daughter. Shantelle that is incredible. Thank you for binging episodes. All right she says. I have about fourteen thousand dollars in a traditional ira but after listening to one of your shows. I realized that. I should be investing in a roth instead so i won't have to pay taxes on distributions in retirement. Is it a good idea to convert the traditional ira to a roth ira now and take the tax it. I'm fifty five years old and have about seven years before i retire. I also have a tsp at work. That i maxed out. And i have six months of savings shantelle. Thank you for your question. And by the way. Tsp stands for thrift savings plan..
"tax credits" Discussed on The Daily Dive
"Families may need to sign up an irs portal. The biden administration says that these expanded tax credits could reduce child poverty by as much as fifty percent and hopes to get a four year extension for the program. Lauren egan white house reporter at nbc. News join this for what to know as anything with taxes is never that simple next. Former president trump is not happy about recent excerpts from a trio of new books about his presidency. there will also be more books to come including very anticipated. Release from former counselor kellyanne conway reports say that trump sat down for at least twenty two book interviews meredith mcgrath national political correspondent at politico joins us for how trump is raging. Overbooks did interviews for finally professional doctors are having to deal with an increase in misbehaving pandemic puppies because of porn teens and shutdowns many first time dog owners didn't properly train or socialize their pups which led them to be overly reactive or have separation anxiety. Big worry for these trainers is that if people can't get their dogs under control they may be surrendered. Bailey burg contributor to vice news joins us for more news without the let's dive. It shouldn't let taxes go up working families. We shouldn't let child. Poverty continue to stain the conscience or dragged down our economy. And so i say to my colleagues in congress this tax cut for working families is something we should extend not end next. You joining us now. Is lauren egan white house reporter at nbc news. Thanks for joining us. Learn thanks for having me. The expanded child tax credit. The first wave of monthly payments have started hitting bank accounts already. These payments were included as part of the american rescue plan. The biden administration is very happy with these say that this could help reduce child poverty by as much as fifty percent. Lauren tell us a little bit more about these monthly payments. Now that's right these. Are you know some listeners might be familiar with them. They have existed in the past but these are now expanded. It's going to be more money and it's going to include a more people so before if you didn't file taxes or you didn't have any income you were left out of these benefits. That's all changed now. So that's why the white house is really touting this saying that these payments are going to have the the potential to cut child poverty in half which is a huge change from how the tax credit you used to work before but still you know the program faces some challenges you mentioned. The eligibility has changed. But you still have to sign up for it. You still have to go onto the web portals and all that to be able to claim this money and the white house's acknowledge that this is one huge downside of this program if you don't file taxes then you have to go to the irs website and submit all of your information You know an ira or government website. You're familiar with how cumbersome they can be so that's going to be significant challenge. Another problem with it is that right. Now it's just an english show and not speak english as a first language dot going to be challenging as well and then a third challenge is just some people. Don't know that this program exists. You saw president biden on thursday. Gave a big speech about the child. Tax credit vice president harris also talked about it. But if you don't know that this program exists and it's pretty hard to get someone to go and actually sign up with the irs. Thirty nine million families are eligible. And who have already filed taxes or received the stimulus payments. They're already in the system. They don't need to do anything but they estimate that there's four million to eight million eligible children that are at risk of missing out on this because you know of a number of reasons. These families need to go sign up for that. So lauren walk us through whose qualifying. How much money are we getting. What are the changes. So any person who claims independent who seventeen years or younger qualifies for this tax credit and depending on how old your kids are. That's gonna depend on how much money you get. Your child is six years and younger. And you're going to see a little bit more money than if they're six to seventeen and the irs determining your kids age depending on how old they are in this calendar year so for example if your child turns eighteen and twenty twenty one they are not going to be eligible for this payment and there's also an income cap so you're gonna get the full benefit if you are a single parent who makes up to one hundred and twenty thousand dollars a year or your joe beyeler who makes a hundred and fifty thousand dollars a year and the payment start to taper out the more money you make with really phasing out once you're above that four hundred thousand dollar income threshold features of this obviously is that their monthly payments. You can also opt to get it as a lump sum at the end of the tax season and all. But that's one of the things you know. Nothing is simple when it comes to taxes. Unfortunately and that's one of the things that could trip some families up depending on the tax filing that used. If you made more money you know these prepayments that they're making here could kind of bite in the but later on so again. Oldest information has to go to the irs so if you for example how to kid this year and you think that you should be getting credit. Let's say you got married. You lost the job anything like that. That could impact. How much money you getting. You have to file this all with the irs. Now for family changes at for example if you had your first kiss year. Dot can't be uploaded with the irs until later on in the summer there's two different irs portal's one of them is just to register your tax information so there are non filer. That's going to be a separate portal. Then family changes that you might want to register with the irs. Obviously having two different. Irs government websites only makes us a more complicated and more challenging process to folks. The white house did release a new website. What she asked now puts us at three different websites really a new website this week to try and streamline some of the information so many folks who are confused about what they need to do. The white house does have a new landing page. That tries to help people sort through this but as you mentioned anytime we're talking about taxes the irs is never ever easy these expanded credits end. In december president biden has called for a four year extension to all of this would need congressional approval. How does that look. I mean is there support for something like this. Yeah that is a great question and we don't have the answer to that right now. White house press secretary. Jen psaki was actually awesome about this. During thursday's briefings whether or not biden would accept a spending package. That's being negotiated right now with senators if you would accept something that didn't have the extension to it and she said that biden was open to changes to his proposal. Which kind of leaves the door open for there to not be that four year extension but a lot of progressives democratic progressives have said that they want to make this permanent not just a four year extension. This needs to be permanent. This is just a huge wave of money. That's going to be going to a lot of families up to three hundred dollars per kid per month for some folks so this is going to be a huge challenge in battle. I think we're going to see on capitol hill and the coming days as we continue to talk these infrastructure and spending package negotiations lauren. Egan white house reporter at nbc news. Thank you very much for joining us. Thanks for having me..
Child Tax Credits Land in Families’ Bank Accounts
"This week start seeing expanded child tax credit money from the first pandemic stimulus in their bank accounts. President Biden described the expanded child tax credits as a middle class tax cut, saying that they're meant to help Americans who are struggling, he said 97% of the Children receiving this credit come from working families. This has the potential to reduce child poverty in the same way. That the Social Security reduced poverty for the elderly. Karen Travers, ABC News
Child Tax Credit Starts Hitting US Families' Bank Accounts
"Federal payments will start showing up today in the bank accounts of some thirty five million American families money from the child tax credit that was part of president Biden's corona virus relief plan is our effort to make another giant step toward ending child poverty America the credit is thirty six hundred dollars annually for children under age six and three thousand for older children up to seventeen it phases out for individuals making seventy five thousand dollars a year or married couples making one hundred and fifty thousand the people of this country who needed tax cuts aren't the folks at the top the company tax cuts they're doing just fine but as the people in the middle the folks are struggling or just looking for a little bit of my dad would say little bit of breezy and vice president Harris notes the money will come just like the bills through this tax cut will be issued in monthly payments this is never happened before and America yes it is a big deal president Biden is pushing to make the payments permanent Ben Thomas Washington
"tax credits" Discussed on KILF Morning New Podcast
"Depending on how much your household makes For families who have income over one hundred and fifty thousand that were married taxpayers filing jointly or qualifying widows or widowers like. I say that's where it starts to phase out there If your head of household one hundred twelve thousand five hundred where it phases out and seventy five thousand for others other tax payers People who probably got Their stimulus payment or maybe their tax refund money or whatever. The direct deposit. That's how they will probably see this Come to their account They don't have to do anything as long as you know. Filed your taxes By the types headline of yesterday they'll use your twenty twenty taxes if not then they'll use the twenty nineteen texas. Where have you don't have a direct deposit account on that on file with the irs. Then it will probably go Through either a paper check in the mail or a card like a debit card because some people's Stimulus money was actually sent that way You know there were. I remember all the stories. After the first round of stimulus checks out and people were like wait. A minute was this. Is this something you know. Because they came in the mail. A lot of people didn't realize they were getting the an actual like a debit card instead of a paper. Check or something. A lot of people threw them away because they didn't realize what they were. They could come in that form as well But like i said most of the people who have filed in the past or got stimulus checks via direct deposit. That's how they will probably be about eighty percent of people from what i understand from the irs Eighty percent of folks. Who will get this. That's probably how will show up. We're new jimmy powers from fox news about the government's Tax credit which is actually going to go out in the form of checks not tax credits but at any rate the tiny my understanding of this is the idea is to lift children out of poverty and yet it's going to be applied to eighty eight percent of american families child defense fund says that one out of six kids in this country lives under poverty. It it sounds a little bit like an old fashioned child. Welfare program for the majority of americans well like i said these are normally given us tax refund You know the they're basically splitting up the lump sum but people would be able to put on their taxes for the child tax. Care are the child tax credit and sending them out. You know per month again. Like i said this did get expanded from two thousand dollars. A child to thirty six hundred dollars a child Because of the money that was set aside in the covid relief plan. So that's where the extra money coming from But again this is. This is stuff that would be given as a tax refund. They're just splitting it into payments service. Basically in advance. That's the way it looks. Yeah i mean. I'm not a tax expert by any stretch. Let me reiterate that But from the information that we have and by the way this is also on the the irs website if you go to the irs website and look of look. The advances child tax credit payments. That is what they're called is advanced child tax credit payments for twenty twenty one. They've got information on their most of what which actually way more than what i just told you Due to the first time we have. But yeah that's you know it gives you all of the information as to How how would the qualifying are what it means how you might get this in your in your account. All right tonya go. Fox's tanya j powers reporting live six twenty two at klif. a saw the story yesterday. And i said. I told my wife about this. And if something that all women need to know about says that co vaccinations are making it possible for more women to go out and get mammograms right But the vaccinations now appear to be distorting the results and leading to some false positives. Mammogram heard this. Just here. And there that the kovic can trigger response in the immune system that sometimes results in large lymph nodes And it shows up on the x ray shows up on the mammogram and that raises of course red flag and you may be called back for further tests to get. Maybe you know an ultrasound to dr might say. Why don't we put you down for six weeks from now and have another look and of course they have to weigh the risk of holding off your mammogram even longer to avoid the stress of a possible. False alarm they may. You may find your doctor saying had your kovic nations. Yes when did you get him Well my head and my last one month ago okay well. Why don't we wait a couple of a couple more months before we have the test. That would make me scared. I'd wanna go get a alger sound down immediately. That's something you need to be aware of their and this australia's oldest ever man live in more than one hundred eleven years. They always ask these people. Why do you know what went down secret to a long life. He says chicken brings he eats chicken. Brains yeah he said you know chickens have a and in there. There's a brain and they are delicious little things as only one little bite. He said i have never heard of anybody. Eating chicken brain's freezing related to me. His name is dexter krueger. My my grandmother's maiden name risk rigor really probably some in some respects is a seventy four year old son credits. His father's simple outback lifestyle for his long life says his memories amazing for being one hundred eleven years old but still chicken brains. Where.
"tax credits" Discussed on The Dentalpreneur Podcast with Dr. Mark Costes
"Check yeah what if what if it does not get accepted. You get your money back you would. Yeah if they just didn't accept it at all Or if they reduce the amount you're only up for thirty three percent of whatever you actually receive that was filed for because you actually get. You usually get your check. Plus interest because the irs will pay you interest on the money that they've been holding that i gotcha okay. Would you mind derek. If i asked if you questions that were pre posted to To our thread prior to our interview not at all most of these. It looks like when i'm looking over them. You've already kind of answered them but let's just go through them anyway. Dr patel asks if you get audited with the accounting firm a. I'm sorry if you get audited will the accounting firm back you up during an audit. What's the downside risk of this strategy. Yeah so they will. They will back you up. They will defend their work. They can't defend the work done by the other. Cpa's but they will defend their work. Yeah that's part of the agreement And part of what you're paying for with your fee and the downside to this I mean the biggest downside is you put out a little bit of money in the irs. Isn't the fastest thing in the world right now because of covid it used to be like to six months and now it's more like by eight months to get your money back out a couple of bucks. I suppose there's always a chance that something gets declined or whatever. But i haven't seen that happen so i haven't seen a big downside to it other than your out an hour or two a time and out a little bit of money until you get your refunds back gotcha. Okay thank you dr josh. Says what are the obvious and not so obvious activities in your practice that count for our we kind of covered that but you know what just keeps on ringing in my head is everything basically. That's a prosthetic in my in my Practice is scanned. And then you did just mention you. Know root canals redo ton of those If those qualified that would bump up the number quite a bit so yet those those four boxes are checked off by a lot of general dentistry and a lot of restorative dentistry. It sounds like yeah. That's that's one of the things that makes dentistry such a great industry for this and so prime it is still much what you do does qualify even day to day. Monday and stuff. Just taking x-rays reviewing those x rays and going over the technical information with the pie client maybe reviewing the cases with your team all of that time you're evaluating alternatives. You're looking at the best options. You know you're really looking to get the best outcomes for patients and make recommendations that are going to work out for them. So yeah it really does qualify. I think the less obvious stuff is if you have someone who's using something like blue iq for Back end to see what's working. What's not working evaluating that a business processes things like that that a lotta times. We don't think of as much as scientific but a lot of times. They're based in technology or other types of things. That's the stuff that's maybe a little less obvious. And it's not quite as potent as far as like. What percentage of that people do at least in dentistry offices. But it's there so. I'd say that's the less obvious stuff so to be clear blue. Iq is they help with. They're similar to dental intelligence. I believe and at divergent and practice numbers correct whether they're giving you some statistical analysis of the dental practice and and those sorts of things so yes some metrics to analyze so that you can get better and more efficient and track is something working is not is it grabbing to the bottom. Line that kind of thing. Yeah so if you are utilizing a service like that you don't miss that those expenses don't necessarily qualify because you are purchasing those services right. Is that what you're is that what you're listening to what i'm alluding to is there. Someone who's going through that data and the data that they are there providing you. Yeah yeah the the expense of the service which probably is pretty minimal. Relative to what goes through your practice depends on which one they range anywhere from. One hundred and fifty bucks two to six hundred bucks a month so yeah well seventy two hundred bucks a year. That's not nearly as much as you're probably paying someone to to run that and evaluate and do all of that right so but but it all does add up. Yeah okay another question. How far back can they look revise returns. That was three total years right including two thousand twenty. so you're saying eighteen. Nineteen and twenty would be what we'd be looking at for For this run for most people yes. There are a few exceptions. I wanna cloud the waters but california. The state of california does some pretty nice incentives. You can actually go back for years in california. I just did one in For a dentist in minnesota and they go back three and a half years so there's a few exceptions but three years is generally the rule. Gotcha okay dr j. asks i've heard this is This is the next thing the. Irs is going to be coming down hard on similar to conservation easement. Is it worth the risk. Even if you defend the credit successfully are you a target for future audits. Yeah so the best thing. I can say is conservation. Easement bit on the. Irs has.
"tax credits" Discussed on The Dentalpreneur Podcast with Dr. Mark Costes
"We did. The clippers in the northeast to doctors. I think is about a three million dollar your practice so between the two two of them i think they got about two hundred twenty five thousand dollars back on a three year. Look back so. I want to be clear. That was the extreme. The other extreme. I've seen as fifteen thousand dollars on a on a three or look back but other than that fifty in the next lowest. I've seen about forty five grand on a three year. Look back so okay. Forty five to sixty sixty five seems to be pretty typical. Okay okay so. I'm pretty pretty clear on how it works now. So excuse the crude question but how do you guys get paid. Because you're not just helping us out. i mean. of course you want to help us out. But this is like like great business ventures. It has to be at least a win win a win win. Win is even better but this is a win right for sure. Yeah hundred percent. So i work with a bunch of these firms. They all pretty much collect payments the same way essentially what they do is they'll do the estimate for free so we use easy numbers here. Let's say it's a forty five thousand dollars so on the low end forty five thousand dollar refund that they've found for you. They do the way they do. Is they take a third of whatever they find us. Their fee and i get paid out of that third. So that's everything. So if you're going to get harvey five thousand dollars back. Your ultimate fee will be fifteen thousand dollars and how that works is they do all the work upfront. They prepare the filing. You pay half of the fee so seventy five hundred dollars the filings ready. Then you email your returns in and then as you get your checks back from the irs than you pay the other seventy five hundred as it comes in. Gotcha okay so you actually do have to separate yourself from some cash before you get the check correct. You'll know the exact number the filing will be ready. But so you don't have to do a based on the estimate it's based on the real filing The other question. That comes up a lot. And i've never seen this happen but i'm sure it has somewhere. What if they don't accept something. What if the irs reject something. How does that work each of the firms that we work with a backup their work so they say if you don't get the money back where it gets declined for some reason we'll just change our fees to to match that i did see one where we mailed it in for twenty sixteen. It got there late so the irs rejected it. Not because the filing wasn't good. It was too late so they adjusted the fee on the back. End the client. Basically when they got their checks they really didn't have to pay anything on the back end. So we've done that before. But i've never seen anything where they said. Oh these don't qualifier. These these activities are qualifying. I'm sure once again that has happened. I just haven't experienced it. And i've done you know maybe hundred of these so far in the last year and a half so pretty good with on that. But i'm sure there are exceptions out there when if it hasn't happened to you yet but if you put down seventy five hundred or whatever of whatever specific amount of money that is for fifty percent of the.
"tax credits" Discussed on The Dentalpreneur Podcast with Dr. Mark Costes
"Podcast on your host dr. Marcus says it'll be doing great out there today and podcast land right. Today's episode is about a very popular topic that has been making its rounds in the dental profession as of late and that is research and development tax credits. According to many cpa's it is a great way to shelter some taxes and get a significant tax. Rebate i guess you could call it. That goes back three years For many of us that have multiple practices and for those of you that have significant top line numbers over a million dollars. This can be a very very powerful strategy joining us today to talk about. This strategy is the owner and founder of big life financial. Derek van ness. Derek is a very versed in this particular strategy research and development. He has a team dedicated on his within his company to research and development tax credits just for dentists so that he would be great to have on and to discuss it with you guys. He is offering a great Discount and a discovery. Call with anybody from this podcast. Who's interested in learning more so Derek has to say and let me know what you think. I think that this may be a strategy. That i'm going to execute on a little bit later probably towards the end of summer. Let me know okay. Guys have a wonderful day. We'll talk to you very soon and one more thing. This episode is being brought to you by the eighth annual dental success summit. Don't miss our keynote speaker. Nfl legend peyton manning. And a whole host of incredible presenters are black belt. Coaches will all be there. We'll be covering how to become a black belt level dental practice how to.
"tax credits" Discussed on The Dentalpreneur Podcast with Dr. Mark Costes
"The goal of the front office academy is to significantly increase the knowledge and performance of your existing team and make it possible to practice owners to take a brand new team member with zero dental background and train them to become a highly skilled dental administrator or assistance. Your front office academy membership will get you up to twenty five loggins and complete access to dentistry. One zero one four hour including a sixty five page workbook tests and quizzes that will teach a complete novice about the profession of dentistry also included rookie to rockstar a collection of videos. Homework assignments documents and quizzes. That can train anyone. How to be a proficient. Biller treatment coordinator front office assistant and even office manager look. There are a lot of great people out there that have recently been displaced from their hospitality or retail jobs. Were hungry for a chance to start a new career. Now you can finally higher for personality and culture fit. Instead of settling for less than ideal team members front office academy is perfect. For leveling up the team and for training hardworking ambitious newbies to a new career within your organization at the cost of only one hundred seventy nine dollars per month for non dsm members or forty nine dollars per month for dsm members. It's a no-brainer. Isn't it time. You took your training and on boarding to a new level. Are you tired of being held hostage by average advocates. Because there's no other options out there front office academy you can say goodbye to average forever visit front office academy dot com to register today. That's front office academy dot com the dental for newer podcast. Okay doctor it's time to put down that hand piece. You're listening to the show dedicated to helping dentist get their lives back. It's time to decrease your stress increase your profitability and regain your passion now introducing your host. Dr mark kostas. Hello everyone welcome to another episode of the dental.
"tax credits" Discussed on Startup Stories by Mixergy
"I told i said i'm going to austin. What do i do. And i guess lives in austin our friends What if you run a bunch of companies. I always refer to him as a guy for milkshake. Because that's what he sponsored me with. He he is a serial entrepreneur and he milkshakes and grows companies melchett milkshake. Yeah right that's what he is doing in phenomenally. Well i message. And i go. Look my wife's worried about us. Moving to awesome because the goes dude. It's a serious thing. I'm gonna get outta here In the summers but he's he and a few other people have helped guide me. I'm looking at houses. it's hard to find. They're very expensive and many of my friends won't reveal the names in case they don't wanna know the building a house there. What's the deal with building a house in austin instead of just by one because what happened. I think i got lucky. I got crazy. Last april may when. Kobe started. And i just couldn't be bottled in and like my wife put us on a the most strict protocol year because she's a health care professional so i got out enough lightest and i'm gonna go. I'm going to have some very close friends. Like almost like family. People i grew up with went there and started looking at homes and there are two homes are three homes. We try to put an offer on because so cheap and they went for overbidding. And i said the last thing i'm gonna do is over but on a house in austin because you don't even think you're like austin to get a deal the last thing i'm gonna do is over and i'm seeing when you say they were expensive. What i'm seeing. Nothing under two million. We're we're looking right now right so back that i then meaning a year ago i went to a community and i got a lot thirty five thousand dollars. I just threw down. And and they said It's toll brothers is. The house is is a builder and they said you know the lot is thirty. Five thousand will build the house in. I think the whole house was like six hundred fifty thousand dollars for thirty five thousand dollars. Put down on a seventeen and a half thousand square foot lot like and the home building is a six bedroom. Almost sixty one hundred square foot house. And i got it all locked in for six hundred and fifty thousand dollars. Yeah today that community my my my really close friend who also is building a house there. He tells me that the lot next to you. When for three hundred and fifty thousand dollars in overbidding. So what's happening. Yeah so like i got. I got lucky. I got ahead of the curve and my frustration with cove. Admitted me do an impulse buy. And i'm like it so cheap. Six hundred fifty thousand dollars. Six bedroom home massive. I'm like the the best even if we don't want to move we'll sell it after. But but now i'm looking at it that it's jumped like it's already two x three x ray. The lot prices are going insane. Tannock so i guess there must be more. I don't know this area while i..
"tax credits" Discussed on Startup Stories by Mixergy
"Think in that in that time from two thousand sixteen when we started having enough customers as a consulting firm i think i think business started turning around are able to get loans. I think i think even in twenty-six finish twenty fifteen inch the banks started giving us a little loan and whatnot right because that would have a customer profile. The business just get healthier over time. It's just painful because you know you're cash cycle is so long right. Yeah now it's like a non issue right like i think next year will hit. I think i think. I think we'll do more than forty million in revenue next year. So now it's a different ballgame. We're we're on a different trajectory and pace. But i don't think i would want it any different man because the learnings you get from doing it yourself in the pleasure i think if we raised money and built like this big company i probably would never value at or maybe it's different kinds of stress here value like everything you look back. And they're like men. Like i really earned this. Read that article where where you knew you had covid. Nineteen you nearly died is it. Were they exaggerating. When they said. I'm looking here at the photo of you. The caption underneath says The who you are. You're on your deathbed. Was that dire. It was very dire. And i you know i told you a producer. The lowest point in my life was when my wedding was called off. But the scariest point in my life was when i had comb it so you know as founders you always push off you take your family for granted a lot right and i don't say every founder does but like at least i did like i always say like okay. You know what businesses the first baby. Covert hit double down org worth like crazy and the fundraise takes a lot out of you like diligence and all of this stuff so told my wife. Let's celebrate after. Kobe dover mean let's celebrate after the fundraise is closed. And we'll go somewhere. Where like you know where it's calm and everything else with the family and we announced.
"tax credits" Discussed on Startup Stories by Mixergy
"What we had hoped was everyone would sign up would be salespeople they were not you know all kinds of people are taxi. People using it for dispatch bonkers. The thing though is ads like a drug users also drugged like vanity metric so there was huge tension around when i was saying. Let's shut down free and move to paid because everyone was like. Oh we're getting like the slack like adoption but they're not the ideal users and they're churning right because as soon as you make them pay they're not gonna pay. We're not calling up. Were a sales tool and there was a lot of friction and finally there was agreement. Let's make it paid there. Were three hundred. People who stuck around there were all sales. People will build the technology just for the sales people but honestly being unfocused as a business enabled us to wish so much time that when we did get product market fit we ran out of money but not enough traction to raise the next round so after that incident. I took a couple of months off. I spent so much time with my family cleared my head when back to boast alex and i said let's double down on on the vision. We had was to automate this. We rebranded both from a consulting firm which was both capital rebranded to boast. Ai we launched at sastre as a tech enabled software enabled. And that's been the journey from twenty seventeen to now. We got from like zero to eight figures plus in revenue bootstrap. We closed one hundred and twenty three million. Us and funding. And now we've got middleman. We're gonna be almost hundred people this year so it's been a phenomenal crazy journey. What's what's the automation that you were able to add when you were bootstrapping. So when we're bootstrapping rehired a couple of developers and all the stuff that i said. We were gathering annually like you know. Let's go in and ask for. What is their technical typing. Going into their jira. There get hub there. they're quickbooks and pulling all those data points all the questions. You ask them manually. yes you would just do. Integration with jira would get up source software right. Now your sign up your link your jira your link your get your link your gusto for payroll linked quickbooks start pulling ingesting data in real time through the year so real time were analyzing through the year what were qualifies for rnd. What doesn't the expenses and so we can literally we know at any given time in the year you've spent on r. and d. and then by the time the year rolls around it's like a couple of conversations and we can file the application automated. What's the first part of that you were able to build when you had such. Did you have a small budget. It seems like it in the beginning it. We had a smaller budget because we had some customer money and the first thing we started building was workflows like workflows. Meaning the stuff that you're doing manually like things like capturing customers things like reaching out things like integrations right like so you'd use like get hub or jiro or quickbooks or custos. Api to pull the data and automatically into the system. Because think about it. What does offer really. It's enabling some workflows enabling something that you're doing manually..
"tax credits" Discussed on Cheers To Business
"And they still have to process everything and they're backlogged and they're very backlogged but the seventy two hundred is one page is nine forty one x right now with four pages so i think the seventy two hundred for twenty twenty one is a little easier. I've i'm encouraging people to go ahead. See if you qualify. See if your wages are down if you were shut down partially shut down you know it. I think your explanation helped me in the definition of what partially shutdown is so. Want to especially thank you for that because we you know we were concerned. You know even if you're not gonna get a check tomorrow because it doesn't look like you're going to know that it's out there at least get it balled. Yeah get a final and unfortunately it's going to be a weight and the credit will come back to in the form of paper check from the. Irs coming through regular mail so will yet snail mail so this is all gonna take some time to really process now twenty twenty one credits could be applied towards your current payroll taxes and you could choose to take advantage of it that way if you would like to but you need to be absolutely sure that you are qualified and that you know. The math is all done correctly in. I would recommend to people who are just at that twenty percent cuss like they're fully open and they're not quite sure if they're going to be twenty percent undergoing head and get through the quarter and do your books for the quarter then take a look at it and then take advantage of the credit and but if you are partially closed in twenty twenty one you can still take advantage of it as you go so taking advantage of the money right now might be the way to go for folks who absolutely no qualified. Today i'm going to thank you for democrat down for me in layman's terms. 'cause i'm outta pocket. You know i'm not doing this everyday now. You so helpful. And i wanna thank you so much for coming on the show today now. I know there's more details you could go into that. We could talk for hours and people's eyes would just glaze over. So what does the three biggest things you can tell the listeners right. Now what to do about this stuff. Contact your payroll professional. If you don't have one you can reach out to pair of all of course at least touch base with your accountant or tax attorney. Just find out if you qualify. Don't assume that you don't take a look at will dot com if you click on our blog link..
"tax credits" Discussed on Cheers To Business
"Thousand dollars for employee for ten thousand dollars paid in wages. I haven't seen a restaurant or a bar that hasn't qualified and anybody that was shut down and saw a reduction and revenue at least check it out. Hey everybody welcome to the show today. We're talking about a top but not many people understand employee retention tax credit. But they goodness this lady does ms tricia pettis chief operating officer of payroll bolt corporate pyro about franchising in denver colorado. Hey i'm karen. I'm a former. Cpa entrepreneur business consultant with big ideas. Welcome to tears to business trish. Thank you for being on the show problem. Thank you for having me. Well.
"tax credits" Discussed on Marketplace Morning Report with David Brancaccio
"This marketplace podcast is supported by key a bank dedicated to providing guidance and support an unpredictable markets. Key believes that knowing what's best for the industry starts with knowing what's going on within it. They help clients thrive by sharing their relevant insights and proprietary data. Helpful information about economic conditions. Impacting your business available at key dot com slash economic conditions. There are still video rental stores. Some that were hanging on running video games as well but family video based in illinois has decided to close its nearly two hundred fifty locations from wbz in chicago. Mariah woeful has more enter this family video in the south suburbs of chicago and you're greeted by the bubbly twenty-four-year-old manager page franson here. Always going to hear the high she gives me or if the store at the very front is a free kids movie section. The kids could go straight to the spot where they knew that this was where they can always find that kid movie that they wanted for instant talks in past tense relation about the good old days. Every tuesday was new release day. We have a line out the door. Sometimes it was a free offer who could get what. But when the pandemic hit employees say those new releases slowed as production companies. Stopped filming that. On top of the longstanding odds stacked against brick and mortar rental chains was too much says are as rodriguez in industry analyst at ibis world boot convenience of streaming services and the low cost of their subscriptions as quickly siphon demand from the dvd game video rental industry. He says family video stayed open so long because it focused on the family friendly video market with one dollars. Pg thirteen rentals and then there was that free kids section but even that secret weapon is no longer enough now that there's a new competitor in the kids market with the release of disney plus. I don't see that market really coming back so at the shop patriots and was in charge of getting rid of everything computer which one you want fifteen dollars for the monitor keyboard and mouse store computers classic signs gumbo machines. It's the end of an era which is very hard to accept the fact that there's not going to be video rental places anymore. For instance who's worked here for five years is one of about twelve hundred employees family video parent company highland ventures says are losing their jobs regular customer. Ben baker wanted to stop by before the store closed. Hey i'd hate to see it go. Baker who works as a mechanic says he doesn't have wifi at home. The store is on his way to work so sometimes the movie now. He says maybe he'll look into movie. Rental consoles like in chicago. Mariah will for marketplace and. I can foretell the future watch. This much will happen. Throughout the day on our money markets workplace culture and innovation beats listened for my colleague kyra doll host marketplace on many public radio stations of course for marketplace dot org. You're listening to the morning report from. Apm american public media. I'm chrissie clark. Host of our podcast. The uncertain our and this season. We're looking at this thing. We used to call employment. You know a job the kind where the place where you work pays you. At least a minimum wage gives you health insurance sick days vacation. Those kinds of jobs have been disappearing and a whole lot of industries replaced by subcontractors gigs and armies of non employees and this is on the uncertain our we dig into history and policy to figure out what happened to the american job office workers. Er doctors janitors baseball players. Maybe even your job check out. This season of the uncertain. Our wherever you get your podcasts..
"tax credits" Discussed on Marketplace Morning Report with David Brancaccio
"This marketplace podcast is supported by out systems. The application platform that enables every company to innovate through software out. Systems accelerates the development of business critical cloud applications build the difference without systems for more information visit out systems dot com and by rapid seven a leading provider of security visibility analytics and automation in these rapidly changing times security teams have their work cut out for them. Rapid seven insight cloud security solutions. Simplify the complex and help security teams reduce risks and shutdown attacks to learn. How rapid seven can help your company securely advance visit rapid seven dot com. Those who think inflation is just around the corner moving markets this morning. But is it really. I'm david brancaccio. Long term interest rates are looking like they did before the pandemic in crude oil is spiking to help us with this economist. Julia coronado joins us. She's founder of macropolicy perspectives. low morning. All right so we have the thirty year treasury yield above two percent first time in about a year we have crude oil prices in europe of sixty dollars. A barrel here. The is since late. Two thousand nineteen fit this into a tidy. Narrative for us julia. Well this is what we are calling the reflation trade so there is a notion out there amongst investors and a raging debate amongst economists about whether this large stimulus or support package that is being discussed in washington will lead to inflation combined. Obviously with vaccination of the population and a reopening of the economy that that combined with a lot of money will produce inflation. And that's leading oil prices higher and bond yields higher nouri but we haven't had much inflation for much of my professional life and i'm quite gray Is it happening this time in your considered opinion ear right. It is a bit of a groundhog day discussion. And i think it's overblown. Actually i think in a world of an aging population and rapid technology progress. And let's remember a very weak labor market As a starting point. I think the stimulus package will help. Get the economy back on track for sure whether it will generate sustained inflation. You can call me deeply skeptical on that. All right julia. Coronado at macropolicy perspectives. Thank you so much my pleasure the information you can get in just one minute. Thirty three seconds house. Democrats are set to unveil relation today to increase the child tax credit. This is something that in the past you deduct from your taxes and you could get a check if no taxes are do. Its part of the pandemic stimulus. Marketplace's nancy marshall genzer has some of the emerging information. Here it gave it. Democrats in congress are following a plan laid out by president biden and he outlined the broad goals and they're filling in the details so biden called for one year expansion if the child tax credit increasing it from two thousand dollars per dependent child two three thousand and that would go up to thirty six hundred dollars for children. Under the age of six the credit would be lower for americans over a certain income threshold. And would there be other health for low income americans yet. Democrats are also working on expanding. The earned income tax credit for a year raising the amount childless adults. Get from about five hundred thirty dollars to almost fifteen hundred dollars. The earned income tax credit is aimed at low income workers. It cuts how much they owe in taxes and gives them a refund which can actually be more than they paid in taxes. And how does the money get to people. What's the thinking that still up in the air. A one idea is to have the irs do direct deposits like it did for the relief payments last year. The tax credit would be divided into monthly payments. Though there are some concerns that would be too much for the irs. Because it's already understaffed and just starting tax season..
"tax credits" Discussed on The Frug Life
"From San Diego California. It's the Frugal Life podcast with your host Ricky Hershey. A lot of times people ask me as a CPA. What are some ways I can save money on taxes. Like what are the best deductions to look at after explaining to them? I'm not the kind of CPA that works on taxes. I explained. Well typically deductions require you spend an additional dollar to save $0.30 on taxes while actually $1 * your marginal tax rate and savings spending more on deductible items isn't going to net you more cash. Typically however with tax credits each dollar of credit reduces your tax burden by a dollar my guest. Justin is going to talk about an awesome credit the R&D credit, which might help you save big on your taxes. Thanks for inviting me on the show Ricky. I'm glad to be able run this segment to give a little background about myself. I am an educator turned entrepreneur. I taught for six years and just had an issue to bring more value to the world. Not the teachers don't bring a ton of value. But personally I needed to grow and find something that pushed me further. I started in flipping houses and eventually found my way to insurance and taxes. I found a niche within a tax industry that is just simply being missed by a lot of business owners my business helps profitable tax pain small to medium-sized business owner understand and use the research and development or R&D tax incentive out of all the R&D credits claimed 85% of those are claimed by America's biggest companies meaning only 15% of the credits were too small or medium-sized businesses. However, it's not because these businesses aren't qualifying. It's just they aren't claiming them. We help them claim them. On average we get back our clients 10 to $30,000 a year depending on the size of the business the number of employees and the type of work being done. That number can be much larger as well. We've had some get back hundreds of thousands of dollars here a few examples to highlight the potential of this incentive dental practice. We got back $74,000 a software developer job at $60,000 chiropractor. $25,000 Keller Williams Real Estate principal broker Miss Downing $800,000 a Chick-fil-A franchise owner hundred and ten thousand dollars with that much money being talked about the next question. I usually get is how do I qualify? There's something called the four-part test but I found it, this business owners more than it helps them. So we have business owners ask themselves the following questions if they answered yes to two or more of them. There's a high probability that qualify. So here are the questions wrong. Do you offer employee health insurance without receiving Wellness incentives? Do you custom design your Solutions over an off-the-shelf solution? Do you perform any design work? Do you have any other Publications out of city or state do you export products to other countries or have wholesale components to your business? Do you perform any training for yourself or your team via the Internet in the last five years have you upgraded or improves your website initiated any type of social media campaigns changed adjusted or improved your eCommerce software made adjustments to your business model changed your procedures or your processes lastly taken any risk within your business. Again. All you have to do is enter. Yes to two of those questions. You might be at a point Ricky. We are listeners like you say to themselves how have I never heard of this or why hasn't my CPA told me about this because I think my business would qualify before I can answer those questions. I think it's important to learn a little wage. About the history of this incentive to better understand why you haven't heard this from World War Two to nineteen eighty the US share of the auto economy went from 80% to 20% in 1980. Japan became the world Auto industry leader the spark to change the US want to keep their minds the best Minds on us soil. They wanted to be leaders in the world economy and one solution for doing that was to provide a monetary incentive to get businesses to innovate invent and create. Thus the R&D tax incentive was born from 1981 to 2015 disincentive expired and changed or fifteen times only United States biggest businesses could afford to keep up with it and use it in 2015 the path act permanently put the R&D Crown the tax code and opened. It's available and small businesses. Not just the big boys yet, even though it's been five years since its availability. We are still seeing 85% of R&D credits being used by the United States big dog. Japanese small businesses around the country are missing out on tens of thousands dollars a year and potentially hundreds of thousands dollars a year by not using this incentive with that background we can now broach the subject of why hasn't my CPA told me about this honest answer is I don't know but I have two possible solutions as to why first we like to simplify it this way. There are two sides of the tax code sent number one is pay as little as possible to deductions expenses Etc. Most CPAs understand are masters of this side of the tax code side. Number two is the credit rebate incentive side, which is just as large and complicated aside number one get far fewer CPAs understand and master this side of tax code. We are just one of many R&D tax credit firms Nationwide we help fill in the Gap where other CPAs don't feel as comfortable or knowledgeable. We've also found that many CPAs are reactive versus proactive mean a CPA can't help you tweak things to better qualify until it's too late another common question, I guess. Is will this spark and on it anyone or any business can be audited anytime regardless of what you are doing with that said the R&D incentive will not be the reason you get it on the process of qualifying for the credit requires a pre-audit from an IRS agent. They won't give you the money unless you qualify the whole process takes about 1 to 3 months to review from an actual person. The question to ask yourself is why would they call an audit on something? They just spent three months reviewing to see if you qualify a business owner would need to contact an R&D specialist firm. I would highly recommend using affirm that first month does a free qualification check this ensures that you don't pay a penny until you know, if qualify and for how much second I would recommend using a company that only charges a percentage of what they find that way the Box comes from the main sound if you want to work with my company go to ww.w Big Life Financial birth. It's here. You'll get a free e-book to further expand your knowledge of the credit and set an appointment to speak with an R&D specialist. Again. That is w w Big Life Financial research credits. Thank you Ricky for allowing me to come on your show and share something that benefits so many small-business owners. Thank you. Who are you there? Well, it seems like the ad read is upon us. Why am I a pirate? Well, I just wanted to tell you about me anchor of the platform that lets me share my podcast with these yard our anchor be the easiest way to make a podcast and it's so simple even a humble pirate like me can be a podcaster me anchored distributes the podcast and now they make money from ads, so I don't have to plunder the Seven Seas download the anchor app or go dead. anchor FM to get started.