To Your Credit
Uncle Sam is dusting off the old R&D tax credit--and making it easier than ever to claim.
The checkered history of the Research and Experimental Tax Credit (more commonly known as the R&D Credit, for research and development) has a certain "now you see it, now you don't" quality. In any given year, it's been difficult to know whether the credit is even allowed, and exactly which expenditures qualify have always been hazy as well.
Yet this tax-reduction tool offers potentially powerful savings on the kinds of cost-reduction investments so many businesses are making today. In fact, according to Glenn Mackles, a principal in the national tax department of Deloitte & Touche LLP's Washington, DC, office, "Savings of $20 million or more by large firms are now causing medium-sized and smaller companies to take a closer look at the R&D credit."
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