Ever wondered how some businesses seem to pay so little in taxes ? Well, there are many business tax credits available to business owners and your tax advisor should be looking out for those for you.
The most popular credit amongst my clients is the R&D credit. The Credit for Increasing Research Activities is allowed for expenditures paid or incurred for qualified research associated with a trade or business. The research must be under-taken for discovering information that is technological in nature, and its application must be intended for use in developing a new or improved business component of the taxpayer. So this would include tech advancements, apps or other developments you create for your clients. I have many clients over the last few years who have taken hundreds of thousands of dollars in allowable tax credits. Could this apply to you ? Please ask us about this.