Should You Claim the Research & Development Tax Credit?

This article discusses how the research and development tax credit is an incentive from the federal government that is meant to incentivize innovation, design, and manufacturing. A tax credit is more significant than a tax deduction because it “reduces the amount of taxes owed, whereas a deduction reduces the amount of taxable income.” In addition, not only can you claim a credit for this year, but you can also claim them for the past three tax years. No matter the current state of your business, utilizing this incentive could prove beneficial in the long run. Be sure to check out this link for more details!

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