R&D Tax Credits

[Rabby]

I just want to bring up this topic. Right now I am developing new products, as some of you know. It turns out, I'm eligible for significant tax credits for research and development (basically 10,000's of free money that the G man can't swipe from me because the tax code says so... as long as I file the correct incantations). You can go back a few years to file amendments and take these credits. You can also carry them for 20 years forward if it takes you that long to become taxable with your new project (but let's hope not). Newer companies can also apply these credits to federal employment taxes (SS and medicare).

I mention this because a lot of people think you have to be doing pharmaceutical research or astronomy or physics or something to become eligible for these credits, but actually you don't. You just have to be researching and/or developing something within certain guidelines... which you should discuss with a CPA not me. You can also peruse the relevant IRS forms, which include Form 6765.

In the past, I have also gotten credits for Domestic Production, which happened because I made my products and paid my developers in the US, as opposed to overseas.I think that one is currently gone, but it's worth looking out for things like this... there are a lot of incentives in the tax code (in the US anyway) to research, make stuff, produce stuff here, etc., and a lot of smaller companies don't know they can take them. In my experience, you often have to peruse tax codes or attend webinars / conferences every so often to find out about them (and they change all the time), and then you can put your CPA on them and they can take care of the details.

Enjoy keeping your money.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Mutant]

O katv xepv vu csoph aq vjot vuqod. Sohjv pux O en fiwimuqoph pix qsufadvt, et tuni ug zua lpux. Ov vaspt uav, O'n imohocmi gus tohpogodepv vey dsifovt gus sitiesdj epf fiwimuqnipv (cetodemmz 10,000't ug gsii nupiz vjev vji H nep dep'v txoqi gsun ni cideati vji vey dufi tezt tu... et muph et O gomi vji dussidv opdepvevoupt). Zua dep hu cedl e gix ziest vu gomi enipfnipvt epf veli vjiti dsifovt. Zua dep emtu dessz vjin gus 20 ziest gusxesf og ov velit zua vjev muph vu ciduni veyecmi xovj zuas pix qsukidv (cav miv't juqi puv). Pixis dunqepoit dep emtu eqqmz vjiti dsifovt vu gifisem inqmuznipv veyit (TT epf nifodesi).

O nipvoup vjot cideati e muv ug qiuqmi vjopl zua jewi vu ci fuoph qjesnediavodem sitiesdj us etvsupunz us qjztodt us tunivjoph vu ciduni imohocmi gus vjiti dsifovt, cav edvaemmz zua fup'v. Zua katv jewi vu ci sitiesdjoph epf/us fiwimuqoph tunivjoph xovjop disveop haofimopit... xjodj zua tjuamf fotdatt xovj e DQE puv ni. Zua dep emtu qisati vji simiwepv OST gusnt, xjodj opdmafi Gusn 6765.

Op vji qetv, O jewi emtu huvvip dsifovt gus Funitvod Qsufadvoup, xjodj jeqqipif cideati O nefi nz qsufadvt epf qeof nz fiwimuqist op vji AT, et uqqutif vu uwistiet.O vjopl vjev upi ot dassipvmz hupi, cav ov't xusvj muuloph uav gus vjopht moli vjot... vjisi esi e muv ug opdipvowit op vji vey dufi (op vji AT epzxez) vu sitiesdj, neli tvagg, qsufadi tvagg jisi, ivd., epf e muv ug tnemmis dunqepoit fup'v lpux vjiz dep veli vjin. Op nz iyqisoipdi, zua ugvip jewi vu qisati vey dufit us evvipf xicopest / dupgisipdit iwisz tu ugvip vu gopf uav ecuav vjin (epf vjiz djephi emm vji voni), epf vjip zua dep qav zuas DQE up vjin epf vjiz dep veli desi ug vji fiveomt.

Ipkuz liiqoph zuas nupiz.

O nez et ximm nipvoup jisi vjev vjisi't huwispnipv S&F tdjinit op vji AL vuu. Eheop, zua fup'v jewi vu ci op qjesne us xjeviwis - O'wi xuslif gus vidj tvesvaqt neloph eqqt/qmevgusnt vjev jewi eqqmoif taddittgammz, opdmafoph gus xusl vjev xet tacdupvsedvif. Epf fiqipfoph up vjopht, zua dep hiv cedl edvaem detj op zuas edduapv, puv katv nupiz ugg gavasi vey moecomovoit.

Dmeonoph Sitiesdj epf Fiwimuqnipv vey simoigt

Ug duasti vjisi't e xjumi opfatvsz esuapf dunqepoit vjev xomm jimq zua eqqmz gus vjot taddittgammz, epf iwip cussux eheoptv gavasi dmeont. FN ni og zua xepv epz sidt.