What is R&D Tax Credit and How Can Your Business Benefit From It

You’ve probably heard about the R&D tax credit program, but what is it and what does it mean for your business? The R&D tax credit is one of the only tax incentives that has true bipartisan support. And for good reason: it supports domestic organizations in their mission to be innovative and develop through R&D. Today, the tax credits associated with R&D are very important for businesses. Here’s a brief breakdown of how the R&D tax credit works: 👉 If a company is investing in R&D, it can take a tax credit on the wages and some of the different supplies or subcontractors associated with those expenses. That’s a tax credit, which means it’s a dollar-for-dollar reduction in taxes. Plus… 💥If your business is under 5 years old and has under $5 million in revenue, you can take the credit and apply it to your payroll taxes. 💥 For small organizations, this credit can make a massive difference and supply much-needed resources to invest back into the business. —— ► Check out all of our Business is People podcast episodes at: https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbjBpeE54aFRUcmkwRl9WcUo4Ujl4bG50aEJid3xBQ3Jtc0ttdzU5bnBTM0tOeG9HeVo2bEJiUkU4UHo5NHVQd2NuNV9OOFZlZ0xKTmlrRnFrcnJuT20zVklnMi1MUTdkczdkeDhWNXQ0T1lVOTVQU28xbU5uaUhwUUYxcFZpUDdPWGFlcUl6bUFkSFRPZVU2eXR4NA&q=https%3A%2F%2Finthinkagency.com%2Fbusiness-is (https://inthinkagency.com/business-is)... ► Connect with Kham on LinkedIn: https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqazBuUTFXcjY1YWVmYmJWcTdLMW04a3RvM0Rtd3xBQ3Jtc0trR1pyamJCdmQ0M2U2WVQ4UEdZbGR5TWhVQmJLcmF4MlMxX2RINEJZS3lET1FPbWNPOUtMZnZRWlVBNmJobzN2dVg5Vy1RY0xiY0VveDBCeUJuU1FVLUgwckw3M2VpRkpfTExjMjBMNkg5UmNQeHVPNA&q=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fkhaminthi (https://www.linkedin.com/in/khaminthi)... ► Special thanks to our guest expert Ryan Foley, from Cunningham & Associates: https://www.youtube.com/redirect?event=video_description&redir_token=QU