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Finance Tik Tok says things like this all the time. People seem to have no idea that you’re not saving dollar for dollar on a write off. You only save the money you would’ve paid in taxes. “Look I can write off half the cost of my Tesla as a business expense”. Okay....$90k/2 = $45k write off and then you’ll save maybe 30% effective tax rate: $45k*30%=13,500 saved. Nice. You saved $13,500 by spending $90k on a car. Meanwhile laypeople think he’s an expert because they think he saved $45k
I'm not really into Finance TikTok but shouldn't you have the business acumen to understand the difference between a tax credit and a business expense reducing business income? Its a pet peeve of mine when people misuse that phrase. I'm more forgiving to someone in the general public not understanding the difference but someone who markets themselves as a "finance TikTok-er" should know more than thw average person on the street.
End rant