Tag: Tax Credit

R&D Credit Potentially Doubled by Inflation Reduction Act of 2022

Article Highlights:Inflation Reduction ActResearch Credit Payroll Tax OptionResearch CreditQualified ResearchQualified Small BusinessThe Inflation Reduction Act that President Biden signed into law back in August of 2022, has a lesser-known provision that could benefit many small business startups, allowing them to potentially double the amount of the research and development tax credit they can claim from […]

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Employers Hiring New Employees May Be Able to Claim a Work Opportunity Tax Credit

Article Highlights:Potential CreditEligible EmployeesCredit DeterminationCertification ProcessOther IssuesThe Covid-19 pandemic has had a significant impact on the labor market – mandated government lockdowns and workers’ and customers’ fears of contracting the illness resulted in businesses closing or temporarily cutting back and laying off or furloughing millions of employees. In April 2020, the unemployment rate reached 14.8%, […]

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The Obscure Research Credit

Article Highlights:Credit PurposeCredit AmountSimplified Credit CalculationFailure to Take Advantage of the CreditSmall Business FeaturesQualified Research ExpensesBusiness QualificationsAn obscure tax credit—generally referred to as the R&D (research and development) credit—was originally added to the tax code in 1981 as a two-year incentive for businesses and has been extended every year since, until it was recently made […]

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