Thank you, that was extremely informative and well presented. In your estimation, should R&D Tax credit claims firms seek stability in their business strategy and faze down operations with a view of April's potential news or do you think diversification to other related services work or towards investor focus such as VC's be a new business model? I would be so pleased to hear from you or anyone with your level of knowledge :)
Hello - the credit can be taken in any year that the company does innovative qualifying activities. You can take the credit against (1) business income tax, (2) personal tax liability, or (3) if a business is younger than 5 years old, you can take it against payroll taxes.
Is it relevant to someone who is self-employed that is doing all these R&D things?
Very helpful, thanks for making this!
Thanks for being such a great client!
Do you do tax consulting?
Hi Economic Ninja - yes we do! Feel free to send me an email to me at ashton@mytaxhack.com and we can set up a time to chat.
If there's a fit, yes. feel free to reach out at info@mytaxhack.com and you'll be prioritized with a response
Thank you, that was extremely informative and well presented. In your estimation, should R&D Tax credit claims firms seek stability in their business strategy and faze down operations with a view of April's potential news or do you think diversification to other related services work or towards investor focus such as VC's be a new business model? I would be so pleased to hear from you or anyone with your level of knowledge :)
I love the insight, indeed very helpful
Where's part two of this 🤔
This is fantastic.
Thank you!
Is the R&D tax credit qualification determined during the 1st 5 years of a startup doing business?
Hello - the credit can be taken in any year that the company does innovative qualifying activities. You can take the credit against (1) business income tax, (2) personal tax liability, or (3) if a business is younger than 5 years old, you can take it against payroll taxes.