The Twelve Days of Taxmas – R&D Tax Credit
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden rings, we’re focused on providing important tax insights through “The Twelve Days of Taxmas” blog series that could help minimize your tax liability.
On the fifth day of Taxmas, my accountant gave to me a Research & Development (R&D) study.
An R&D study can result in a tax credit that could save business taxes. Generally, the R&D credit is available to business entities that design or enhance new processes or software and is primarily determined based on employees’ dedicated wages and any related direct expenses for the projects.
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©2020 Klatzkin & Company LLP. The above represents our best understanding and interpretation of the material covered as of this post’s date and should not be construed as accounting, tax, or financial advice. Please consult your tax advisor concerning your specific situation.