What is the Payroll Tax Credit?
The Payroll Tax Credit is a subset of the R&D Tax Credit that allows qualifying small businesses and start-ups to reduce the company’s share of their FICA payroll tax liability. The Payroll Tax Credit can provide a source of cash flow at a critical time for startups and small businesses.
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This version of the R&D Credit was created in December 2015 through the Protecting Americans from Tax Hikes (PATH) Act to benefit younger companies with no or a very small income tax liability. The Payroll Tax Credit can be claimed for a maximum of 5 years by a Qualified Small Business.
The Research and Development (R&D) Tax Credit is a government-sponsored tax incentive offered to companies who create or improve a product or process in the course of their business.
The Employee Retention Credit is a new tax credit that helps U.S. businesses recover from COVID-19. Find out if you qualify and claim up to $7K per employee!
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