Tax Credit for Innovation
Go on--get some credit for your company's research.
If your company's research budget is growing, your federal tax refund could grow, too, with the help of a 25-year-old tax credit designed to encourage domestic innovation.
Many businesses don't realize they can use the research and experimentation credit, officially known as the Credit for Increasing Research Activities. The R&E credit can bring refunds of $100,000 or more to SMBs, says tax attorney Patricia Sweeney from the Washington, DC, law firm Miller & Chevalier.