What Practice Owners Are NOT Doing; is costing them significant dollars every year. Applying for Federal and State Incentives and Credits Can Pay Well
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Helping clients navigate the niche area of federal/state incentives and credits for businesses.
WHAT TYPE OF MEDICAL PRACTICES SHOULD APPLY?:
FOR PROFIT: Hospitals Surgical Center Urgent Care Clinics Individual Physicians
Imaging / Laboratory Centers Dental/Surgical Practices
WHAT TYPE OF MEDICAL PRACTICES SHOULD APPLY?:
FOR PROFIT: Hospitals Surgical Center Urgent Care Clinics Individual Physicians
Imaging / Laboratory Centers Dental/Surgical Practices
The biggest mistake you can make is self-censorship; when you exhibit the business behaviors and are entitled to recover, then you should apply.
THE ANSWERS ARE IN THE ANALYTICS:
What Practice Owners Are NOT Doing; Is costing them significant dollars every year.
CHICAGO, IL. 10/12/2020, ThinkAdvisor in their April 15th 2020 addition, quoted Milliman analysis stating the effects of COVID-19 could cut Dental Services Spending for next three years. Actuaries point to a 34% reduction in revenue in the current year alone. The Medical Industry as a whole has been hit hard. What can practices do to curtail the financial impact as they witness a current year revenue decline? ANSWER: Applying for Federal / State credits and incentives; because chances are, you never have. The federal tax credits have been on the books since 1981; but very seldom do medical practices, of all types, ever apply. Why?
The questions arising from these for-profit practice owners are; who to ask, why to ask, and how much to ask for? Navigating information on these credits, which are available to a large variety and types of practices has been limited, not understood, and therefore, untried. The result being very few, if ever, apply for significant dollars, of which they are entitled to claim.
These federal dollars are not just for the dental industry, but also for orthopedics, audiology, ophthalmology, and many other specialties. The physician-owners of these businesses can claim from 20-60% of all the taxes they have paid for the past three years. But have you ever applied? Probably not.
CBS NEWS outlined in their April 12th, 2019 article “60 of America’s biggest companies paid no federal income tax in 2018.” AMAZON’s Jeff Bezos’s has received significant dollars, and Elon Musk, for environmental impact, received over $450 Million. Small business owners need to understand from these know examples; there is no IRS-velvet-rope, which separates you from business owners like Elon Musk. Many qualify, but seldom quantify and see the true value and impact these tax-free dollars can bring concerning your overall tax liability.
Passed under the Obama Administration in 2015, and expanded under the Trump Administration, The PATH Act is now a permanent part of the tax code. The sad truth is only 5% of qualified businesses ever apply, and of the 5% whom do apply, over 80% are Billion-Dollar companies like mentioned above. Small-business often exhibit the business behavior-qualifications but lack the in-house expertise to quantify that activity into real tax relief. We function as a conduit between the small business, to these federal and state programs.
The salient point practice owners should keep in mind; is the tax code, is the tax code. It applies to everyone the same. There is no velvet-rope which inhibits the business owner from applying, there is self-censorship. An Audiologist received $133,916, a Surgeon $58,053 and a Dentist 0ver $182,000. These are year-after-year, tax free dollars and come with interest for years you didn’t claim. It’s said knowledge is power concerning the tax code; knowledge is not power, until applied. So, if you have not applied for what you are entitled to claim; visit our website and look around, and fill out the on-line form, and we’ll walk you through the process. We’ll preform a no-cost, no obligation feasibility study to see if you qualify, and for how much that might be.
Joel Terry
www.IncentiveCredits.com/Terry Visit the site to watch video's, view forms, request a call.
312-409-3133 Office (M-F) 8am-5pm
Book a Consultation Here <-Schedule my calendar here
What Practice Owners Are NOT Doing; Is costing them significant dollars every year.
CHICAGO, IL. 10/12/2020, ThinkAdvisor in their April 15th 2020 addition, quoted Milliman analysis stating the effects of COVID-19 could cut Dental Services Spending for next three years. Actuaries point to a 34% reduction in revenue in the current year alone. The Medical Industry as a whole has been hit hard. What can practices do to curtail the financial impact as they witness a current year revenue decline? ANSWER: Applying for Federal / State credits and incentives; because chances are, you never have. The federal tax credits have been on the books since 1981; but very seldom do medical practices, of all types, ever apply. Why?
The questions arising from these for-profit practice owners are; who to ask, why to ask, and how much to ask for? Navigating information on these credits, which are available to a large variety and types of practices has been limited, not understood, and therefore, untried. The result being very few, if ever, apply for significant dollars, of which they are entitled to claim.
These federal dollars are not just for the dental industry, but also for orthopedics, audiology, ophthalmology, and many other specialties. The physician-owners of these businesses can claim from 20-60% of all the taxes they have paid for the past three years. But have you ever applied? Probably not.
CBS NEWS outlined in their April 12th, 2019 article “60 of America’s biggest companies paid no federal income tax in 2018.” AMAZON’s Jeff Bezos’s has received significant dollars, and Elon Musk, for environmental impact, received over $450 Million. Small business owners need to understand from these know examples; there is no IRS-velvet-rope, which separates you from business owners like Elon Musk. Many qualify, but seldom quantify and see the true value and impact these tax-free dollars can bring concerning your overall tax liability.
Passed under the Obama Administration in 2015, and expanded under the Trump Administration, The PATH Act is now a permanent part of the tax code. The sad truth is only 5% of qualified businesses ever apply, and of the 5% whom do apply, over 80% are Billion-Dollar companies like mentioned above. Small-business often exhibit the business behavior-qualifications but lack the in-house expertise to quantify that activity into real tax relief. We function as a conduit between the small business, to these federal and state programs.
The salient point practice owners should keep in mind; is the tax code, is the tax code. It applies to everyone the same. There is no velvet-rope which inhibits the business owner from applying, there is self-censorship. An Audiologist received $133,916, a Surgeon $58,053 and a Dentist 0ver $182,000. These are year-after-year, tax free dollars and come with interest for years you didn’t claim. It’s said knowledge is power concerning the tax code; knowledge is not power, until applied. So, if you have not applied for what you are entitled to claim; visit our website and look around, and fill out the on-line form, and we’ll walk you through the process. We’ll preform a no-cost, no obligation feasibility study to see if you qualify, and for how much that might be.
Joel Terry
www.IncentiveCredits.com/Terry Visit the site to watch video's, view forms, request a call.
312-409-3133 Office (M-F) 8am-5pm
Book a Consultation Here <-Schedule my calendar here
Claim what you are entitled to claim
