You obviously have no clue how tax credits work.
They know where every penny was spent to qualify for a credit.
You have to spend money before you get a credit.
As asked above:
Let's say a commercial painter incorporates. He gets a juicy contract of $100,000 for painting a hotel.
He pays himself $1000 a week ($52K) leaving $48K in the corporate name. Will he be paying 1 tax or 2?
What types of capital costs does the Corporation get credits for this one man operation and why?
Unless he knows something I don't he is paying two income taxes.
But he would be foolish to take thst much in income. Better to take $24000 as income and the rest as dividends which are taxed at a lower rate, putting more real money in his jeans.
So is this the same as a tax credit? And is anyone tracking the lost tax revenue from being tax savvy?
You haven't answered mine yet. You clearly think you have to spend money in order to get a credit. Aside from the fact that has nothing to do with my argument, it is also wrong as my volunteer firefighter tax credit obviously proves.
Not quite right. The firefighter tax creditworks for me because of my income but not as well for my son because he makes less than I do and also has two kids to claim. Some of our FFs say they get zero benifit from it.