Do You Have These Tax Credits? (Write Offs VS Deduction Differences)

What is the difference between a tax credit and a deduction? That is the golden question we are asking here, and, most likely, that is also the question all of you at home are asking.
Luckily for you, we are here to help by answering this question and more. There is a lot to cover but don't feel intimidated because we are professionals who know how to deliver the information in a way that the recipient understands.
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To start our explanation, yes there is a difference between tax credits and deductions. Furthermore, that difference is vital to note and take advantage of.
Tune in for our thorough breakdown of these two tax elements that will help to land more money in your pocket and keep Uncle Sam at bay.
Tax season can feel stressful and complex to the best of us so take the time to educate yourself and learn about these tools to help secure your coin.
Have we answered all your questions in this video? Yes, No, or Maybe.
If you have any more questions you would like us to answer or topic suggestions you would like us to cover, start typing in the comments section now. We check out our comments section regularly and try our best to take notes/ respond to you all.
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Good luck to everyone on their taxes this season, and don't forget to utilize all the information we’ve provided.
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Toby’s businesses have been featured on the Inc. list of fastest-growing US companies on five different occasions, have been voted as national and local “Best Places to Work”, have received numerous awards including business of the year and a “Firm of the Future” by Intuit - makers of QuickBooks. Toby is a US tax expert and successful investor with several hundred individual pieces of real estate throughout the US.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.

[@TobyMathis]

Claim Your FREE 45-minute Investment Strategy Session to receive business planning tips and asset protection. 👉 aba.link/b503ca

[@jenmal898]

Thank you for the informative video 😊❤

[@TobyMathis]

Thank you for watching the video.

[@michael_house]

I just learned a lot. thanks!

[@TobyMathis]

Glad it was helpful!

[@mandyflory8026]

Posting on Facebook 🎉 thank you

[@TobyMathis]

Thanks for sharing!!

[@mikieme997]

There is alot of confusion over the solar come-ons many solar companies use to sell solar. Please address these dangers, along with the truth about "government paying you" etc when they are talking tax credits and if you dont have a tax liability all or part of the "stimulus" ie tax credit is effectively very low or nill. Especially to retired people who have a very low tax burden. This would be a great community service and save some people from a grave error. Also, more to your target audience, use on rentals, multi housing etc. Refundable tax credits

[@velvetpaws999]

At 2 min:17 into this presentation, my mind is refusing to follow any further. I begin to realize that confusion must be the most available commodity out there! How anyone can even remotely confuse money spent and money owed on a credit card is beyond my grasp. The next thing I expect to hear from this line would be "hey, how can I be broke? I still have fifty thousand bucks outstanding on my credit card account!" Wow... nice going, Joe Doe! This is not even 101 financial house keeping for beginners, this is "break the primitive's brain out of their granite casing!" Run for your life!

[@shaolin31]

Can you explain the solar deduction? I have heard about the 26% credit, but unsure that my accountant got me the 80-some percent deduction as well (in NY). Is there a regulation to read?

[@TobyMathis]

The solar deduction is currently 26% federally and New York has a 25% state solar tax credit. Both require purchasing home solar systems as well as installing the systems before December 31, 2022. The New York credit has a maximum reduction of $5000. A few resources are: chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/www.energy.gov/sites/default/files/2021/02/f82/Guide%20to%20Federal%20Tax%20Credit%20for%20Residential%20Solar%20PV%20-%202021.pdf, www.nyserda.ny.gov/All-Programs/NY-Sun/Solar-for-Your-Home/Paying-for-Solar/Tax-Credit, and www.energy.gov/eere/solar/homeowners-guide-federal-tax-credit-solar-photovoltaics#:~:text=In%20December%202020%2C%20Congress%20passed,2024%20unless%20Congress%20renews%20it.

[@deboking9]

How does this play out for 501c3 when using credit cards?

[@TobyMathis]

Do you mean donating via credit cards? It would be considered a cash gift as you are personally liable for the debt.

[@TrueNovice]

Do you have buy the real estate in your own name or a business? Seems you have to be a mini Donald Trump to get these benefits