Research and Development Tax Credit
What is the Research and Development Tax Credit
The Research and Development Tax Credit is an IRS approved credit for business owners who engage in research based activities as a part of their business. This credit is qualification based meaning you need to meet IRS criteria to claim it. Crowne Tax and Accounting can help your business determine if this tax strategy applies to your business. Depending on your qualifications, you may receive a credit between $8,000 and $50,000.
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What the Credit Includes
The credit includes all research-based activities and the expenses your business incurs to develop new and improved technology or systems. It can be applied across many industries and trades. The qualification is dependent on your business entity and your research and development activities. Call Crowne Tax and Accounting today for a FREE CONSULTATION!
How do I know if you Qualify
The IRS lists 4 areas to consider if your business entity meets their requirements. Crowne Tax and Accounting can provide a free consultation to evaluate if your business meets the IRS criteria for the Research and Development Tax Credit. The four areas the IRS will look at are:
Elimination of uncertainty.
Process of experimentation.
Technological in nature.