R&D Tax Incentive with Justin Maxwell
This Episode You Will Learn * Justin Maxwell's Story * How Your Business Qualifies for the R&D Tax Incentive * Justin started the interview by saying that he is a proud husband and father. His family is the motivator for doing what he does. He started as a schoolteacher. He wanted to give more to the world, provide more value, and do something big. He knew teaching school was not where he was going to finish, and he was constantly look for more ways to provide value. He read books on taxes. He took courses on taxes. He took courses on retirement accounts, insurance, real estate, how money works, all sorts of different courses. He found out the way the world works and how he could design the lifestyle he wanted versus being driven down a path that is corporate and the world. The way the normal world drives us. He eventually ended up where he is now in an extremely specific tax niche called the Research and Development (R&D) tax incentives. The tax incentive that most CPAs, many small businesses, and many medium sized businesses are missing out on. Stop focusing on Tax Deductions and focus on Tax Incentives and Credits A lot of businesses and CPAs focus on tax deductions. They focus on lowering your tax liability and that is fabulous. You should have a CPA on your team that does focus on tax deductions, because that is going to save you money. But a tax incentive and a tax credit are different from a deduction, an incentive, and a credit is the government saying, if you do certain things, we are going to pay you money for doing it. That is how Justin and his partner started their business. The R&D tax incentive was being missed. Businesses were doing the R&D, they were doing the development, they were inventing things. As they were creating things, they were not taking advantage of the incentive, which the government wants to give. All this money is sitting in the government, they want to give you money for being inventive and innovative, but you are not taking advantage of the money. That is why we started our company. We do not file taxes. We do not do deductions. All we do is incentives and credits. ~Justin Maxwell Big Life Financial helps businesses get money back on average. They help small business owners get back between $10,000 and $30,000 a year. If the business is qualifying for this incentive and that money can go towards keeping employees doing more projects, the business grows versus the money being left in the government. Justin has helped some businesses get upwards of $200,000. Most businesses fall between $10,000 and $30,000, but it could be much, much more. That is what the R&D Tax Incentive is. The government's paying you to be an inventor, to be innovative and grow and, and change the world. Big Life Financial just tries to help the business recoup some of that cost. How did Justin transition from teacher to entrepreneur? Justin said Big Life Financial started out slowly and his partner and mentor had other businesses before including real estate. His partner had success coaching businesses. Justin leaned on him for knowledge and survival. Just being able to do understand what is going to be happening next in the different steps from entity developments to even Justin’s own taxes. Having someone to listen to him,
