What is the R&D Tax credit?
The R&D Tax credit is a tax savings directed towards start up companies that incur research and development costs in the United States. A credit of up to $250,000 per year can be taken on your payroll return for up to five taxable years. Some specific examples of projects that may qualify include
- Development of new software
- Tests of new concepts and technologies
- Prototype and model development
- Development of new and/or improved products or formulas
- Updating and streamlining to improve a process