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The tax credit for increasing research activities R&D Tax Credit
The tax credit for increasing research activities, known as the R&D Tax Credit, has been a part of the tax legislation of the United States since 1981. First implemented temporarily and made permanent in 2015 as a part of the Economic Recovery Tax Act.
The main reason behind this was to maintain and retain the technological and innovation leadership of the USA. Research and development is a mandatory part of innovation and is financially risky by nature too.
You may be able to claim up to $250,000 in research and development costs from your payroll tax or income tax if your business qualifies for R&D tax credits.
Learn more about how the R&D Tax Credit help minimizes the financial risks associated with innovation, especially for startups.
Employee Retention Credit
Businesses suffering from economic shocks due to Covid-19 may receive up to $26000 per employee in cash refunds. If you're a business affected by the Covid-19, you can qualify for this Employee Retention Credit.View more
Claim back up to 20% of your research and development spend.View more
What Are R&D Tax Credits
The R&D Tax Credits are an incentive available for US-based companies which allows for a corporate tax reduction proportionate to their eligible R&D expenditure in a given accounting period.View more
Employee Retention Credit Under CARES Act
Employee Retention Credit was established in 2020 under the CARES Act. It applies to employers who experienced a significant reduction in revenues or whose businesses were forced to shut down partially due to the Covid-19 pandemic in 2020 and 2021.
In the first three quarters of 2021, the ERC offers qualifying employers a quarterly tax credit of up to $7,000 per employee or up to $21,000 per employee for the whole year. This is a good chance to reclaim some of your financial damages if your business was harmed during the pandemic.