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R&D Tax Benefits for Neighborhood Businesses

Research and Development (R&D) Tax Benefits for Neighborhood Businesses offer financial incentives to support innovation and growth within local communities. These incentives encourage small businesses to invest in research activities, leading to technological advancements, product improvements, and enhanced competitiveness, ultimately contributing to economic development at the grassroots level.

...ascertaining your eligibility should be straightforward

Determining your eligibility should be a straightforward process, ensuring accessibility and ease of understanding.

If you can say "yes" to at least 3 of the following questions, we should start a dialogue.

1

Are you refining a product, process, formula, or software?

2

Is your work within one of the Frequently Eligible Industries?

3

Are you methodically assessing one or more options?

4

Are you questioning potentialities such as "Can we create it?" or "How can we create it?"

...your R&D tax credit should be substantiated

Ensuring that your R&D tax credit is backed by evidence and documentation is crucial.
By substantiating your claims with comprehensive records and supporting documents,
you can strengthen the defensibility of your credit and mitigate the
risk of challenges during audits or reviews.

...you should be aware of which expenses are eligible in real-time

Having real-time awareness of which expenses qualify is essential. Staying informed about eligible costs enables you to maximize your R&D tax credit potential and ensure compliance with regulations. This proactive approach empowers you to make informed decisions and optimize your tax credit benefits effectively.

...failing to claim the R&D tax credit is a missed opportunity.

Not capitalizing on the R&D tax credit is a missed opportunity. This valuable incentive can provide significant financial benefits and support innovation within your business. By neglecting to claim it, you could be leaving money on the table and missing out on opportunities for growth and development. It's essential to explore all available avenues for maximizing your tax benefits and leveraging them to drive your business forward.

Having real-time awareness of which expenses qualify is essential. Staying informed about eligible costs enables you to maximize your R&D tax credit potential and ensure compliance with regulations. This proactive approach empowers you to make informed decisions and optimize your tax credit benefits effectively.

Depending on the nuances of your business and personal tax situation, the tax credit can be leveraged to decrease

  • Earnings taxes for a C Corporation
  • The employer's liability for Social Security and Medicare tax
  • Owner's income taxes from a Partnership or Corporation
  • The employer's contribution to FICA taxes

Three Easy Steps to Access Your R&D Credit

1

Review your business operations to identify projects and activities that qualify as research and development.

2

Determine the costs associated with your qualified research activities. These can include wages for employees directly

3

Prepare the required documentation to support your R&D tax credit claim. This completing IRS Form 6765,

without Accu Tax

Devid v. Commissioner, the tax court handed down a decision that was detrimental to the taxpayer...

#1

Approximately $1 million in R&D tax credits refused.

#2

The taxpayer paid the penalties, interest on the assessed tax.

Standard solutions to standard problems won't qualify. Skilled professionals should have stepped in for the taxpayer.

with Accu Tax

With Accu Tax, you receive precise, expert tax preparation services tailored to your needs, ensuring maximum benefits and compliance.

2020

Fed $34,520 CA $23,562

Credits from Employee and Contractor Wages

2021

The taxpayer paid the penalties, interest on the assessed tax.

Standard solutions to standard problems won't qualify. Skilled professionals should have stepped in for the taxpayer.

Your R&D Tax Credit Specialists

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