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R&D Tax Credits – Important Things to Know

MyIRSRelief

R&D tax credits ( research and development tax credits ) were created back in 1981 as a means of stimulating research and development throughout North America. This is a dollar-for-dollar offset of any federal income tax liabilities, as well as payroll tax liabilities in special circumstances too.

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Tax Credits You May Claim Now

MyIRSRelief

This credit is worth 50% of your startup costs up to $500 per year. Verify that you qualify, and if you don’t for the previous year, contact your EA, Attorney, CPA about starting up a retirement plan next year. You may claim this credit in the tax year before your plan goes into effect.

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How are LLCs taxed? LLC tax benefits and tips to reduce taxes

ThomsonReuters

Instead, income “passes through” to individual members of the LLC, who pay federal income tax earned from the LLC via their own individual tax returns. Federal Insurance Contributions Act), or “self-employment” tax. Federal Insurance Contributions Act), or “self-employment” tax. It’s also surprisingly affordable.

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Best Enterprise Accounting Software

inDinero Accounting

With services ranging from inventory management to tax compliance solutions in one package, Intuit offers a complete solution that covers all of your company’s needs from start-up through growth. Gusto Gusto offers a powerful, all-in-one HR resource to help you manage hiring, payroll, and taxes.

article thumbnail

Best Enterprise Accounting Software

inDinero Accounting

With services ranging from inventory management to tax compliance solutions in one package, Intuit offers a complete solution that covers all of your company’s needs from start-up through growth. Gusto offers a powerful, all-in-one HR resource to help you manage hiring, payroll, and taxes.