Boom! Shake the room, Fire Nation! JLD here and welcome to Entrepreneurs on Fire, brought to you by the HubSpot Podcast Network with great shows like Success Story Podcasts.

Today we'll be breaking down October of 2022's Income Reports. We'll also be talking about a great tax tip for Mr. CPA on Fire Himself, Ron on Understanding Research and Development Tax Credits.

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And of course we'll be breaking down all of the income and so much more as soon as we get back from thank-in-our sponsors.

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All right, Fire Nation, we're going to kick into the October 2022 income at a glance by sharing that our gross income for October was $180,856.

Our expenses were $20,252 for a net profit of $160,604, which was actually a $1,098 increase from September.

So just a tiny minute percentage up there and our percent of net profit overall gross revenue was 18,9%. So so close to that 90% number and another great showing overall.

And again, we have a lot to talk about that I mentioned the intro, but first we're going to kick it over to Ron who's going to talk about understanding the R&D tax credits. Take it away, Ron.

Hello, John and hello, Fire Nation. This is Ron Parisi with CPA on fire for your October 2022 tax and accounting tip.

And today Fire Nation, we're going to be rolling our sleeves up and getting involved in a technical tax topic, the R&D credit.

And I don't think we're going to get too deep, but I really want to create awareness for you Fire Nation. I know you guys have businesses of various sizes and shapes.

But I really want to talk about the R&D credit and what exactly qualifies and just to get you guys aware that maybe certain expenses inside your organization could qualify for the R&D credit.

But step one, let me just talk a little about the difference between a credit and a deduction, right?

So a credit is money in your pocket. So the federal government and certain states will give you credits money back for your R&D related expenses, 12 to 16%.

So it's substantial. So what exactly where a deduction, let me go on, where a deduction is a reduction in your income, IE or reduction in your tax.

So a credit is a lot more valuable to you, the entrepreneur. And let me just talk about like the R&D has a pretty wide umbrella of what it can cover.

It's really just research to bring new knowledge, right? So what does that mean? That means developing software, developing products, developing processes.

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