Business

Curious How Innovative Start-Ups Are Saving Thousands on Taxes Each Year?

Published

4 years ago

February 11, 2021

Start-ups are notorious for their scrappy tactics and innovative growth techniques. However, many start-ups may not be aware of the tax credits and incentives available to them. Certain tax credits can be the difference of thousands of dollars saved each year in taxes. According to Josh Alballero, tax expert and founder of IOOGO, “The R&D tax credit is one of the greatest tax credits available to start-ups and small businesses.”

The R&D credit, is officially known as the “Credit for Increasing Research Activities” this credit is available to start-ups in any industry, and in many cases, you do not even need to have a research and development department to qualify for the credit! Many start-ups miss out on this incredible incentive because they assume they won’t qualify, however, if you’re in the process of creating a new product or service, there is a good chance your business is an ideal candidate.

According to Alballero, there are two major benefits of the R&D credit.

This credit can give you resources you otherwise wouldn’t have access to. One of the most important stages when bringing a new product or process to the market is the research and development stage. Some start-ups won’t spend enough time on this stage due to a lack of resources, staff, or funding. This credit can put much-needed money back in your pocket to allow you to focus on this crucial phase of building your business.
The R&D credit covers a variety of expenses. This credit may be applied to costs you’d never considered, wages, supplies, consultant fees, contractor fee, prototyping, tooling/ supply expenses, packaging, surveys, studies, software costs, equipment, and more! The stipulations of this credit allow businesses to apply up to $250,000 of their research expenses against their payroll tax or income tax for up to five years. This means that businesses could expect to get back around 10 – 15% of what they spent on R&D.

Calculating R&D credit can be quite complicated and in most cases, business owners should consult the expertise of a tax professional or accounting firm. The IRS will look closely at any business’s R&D credit, so it is important that you follow the proper protocol. The tax experts at IOOGO specialize in R&D credit matters and can ensure you’re following federal regulations and taking full advantage of the credits available to you. In order to file for the R&D credit, a business will be required to file Form 6765 with their tax return. This filing process should not be costly and business owners should be wary of any accounting or tax firm that attempts to charge them thousands of dollars for this filing process or even a percentage of the savings in payroll taxes, which is an illegal process.

To learn more about the R&D credit or to schedule a consultation with an IOOGO tax expert, visit www.ioogo.com.

Business

September Joy: HomeCare Bosses United®’s Second CareGrowth AI™ Workshop

Published

2 days ago

September 4, 2024

Matthew Wiles

Sue and Enock Denis, co-founders of HomeCare Bosses United®, are the top industry-leading pair in the non-medical homecare space. Sue Denis began her journey after leaving the nursing world and jumping with both feet into the homecare industry by founding her own homecare agency. Next, she taught those in her local community and online how to do the same in a private Facebook group she created for the purpose. Now, that group has over 13k members.

She and Enock’s latest venture — the CareGrowth AI™ software developed specifically for homecare agencies — is but the next step in their transformative, inspiring journey, heralding a new era for homecare agencies by turning them into Intelligent HomeCare Agencies™. After their very successful launch event, the Systemize to Scale With AI Workshop, Sue and Enock are back with an encore for those who missed the first one — or those who want more HomeCare Boss magic!

The 2nd Launch Event: Systemize to Scale With AI Workshop

Scheduled from September 8-12, 2024, at 8 PM EST each day, the Systemize to Scale With AI Encore will introduce CareGrowth AI™ to the next wave of attendees. The five-day virtual event revolutionizes how homecare agencies operate, offering insights and tools to streamline operations, reduce errors, and enhance efficiency.

“We’re not just offering another software; we’re helping agencies transform into Intelligent Homecare Agencies,” Enock explains. “With AI, these agencies can become more efficient, productive, and ultimately more profitable.”

So true. Intelligent Homecare Agencies™ that implement the software harness the power of AI to elevate their operations, making them more efficient, productive, and capable of delivering higher quality care and achieving greater profitability.

A Community-Centric Approach

With nearly 13,000 members in their private Facebook group, HomeCare Bosses United® has created a robust community of homecare professionals. Its supportive network is a cornerstone of the organization, offering courses, consulting, and a thriving online space where members can share experiences and learn from one another.

“Community is the backbone of our success,” Sue shares. “It’s incredible to see agency owners support each other and grow together.”

Core Values Driving Success

At the heart of HomeCare Bosses United® lies a set of core values: Empowerment, innovation, community, integrity, excellence, and faith. These principles guide their mission and shape their approach to business, ensuring that each agency owner feels equipped to navigate the industry’s challenges.

“Empowerment is key,” says Sue. “We want agency owners to feel confident and capable, knowing they have the power to succeed.”

Innovation is another critical aspect of their work. With the launch of CareGrowth AI™, the Denises are setting new standards in the industry, paving the way for homecare agencies to become part of the Intelligent Homecare Agency™ category.

“With CareGrowth AI, we’re keeping up with the AI revolution… by leading it!” Enock emphasizes.

Integrity and Faith: The Foundation

Honesty, transparency, and ethical practices are fundamental to HomeCare Bosses United®’s business model. Enock and Sue’s commitment to integrity ensures that clients receive honest and transparent guidance, fostering trust and reliability.

Their faith also plays a pivotal role in their business philosophy.

“Our faith is at the center of our business,” Enock says. “It guides us and gives us strength, helping us make a positive impact in the lives of others.”

Looking Ahead

As HomeCare Bosses United® continues to grow, their mission remains steadfast: To help homecare agency owners thrive. Through their comprehensive support platform, they provide the tools, knowledge, and community needed to start, grow, and scale homecare businesses.

The upcoming Systemize to Scale With AI Encore is an opportunity for homecare professionals to join this journey and embrace the future of the industry. Registration is available at https://CareGrowthAI.com for just $37, including access to the live workshop and the exclusive HomeCare Bosses United® community.

About HomeCare Bosses United®

HomeCare Bosses United® helps you grow your homecare agency, impact the world, and live life on your terms. Co-founded by Enock and Sue Denis, the company offers courses, consulting, and live events for homecare agency owners at every stage of their journey. Their mission is to simplify the process of starting, growing, and scaling homecare agencies, providing the tools and support needed for success, including their revolutionary CareGrowth AI™ solution. For more information, visit: https://CareGrowth AI.com and https://homecarebossesunited.com