The\u00a0Research<\/b>\u00a0& Experimentation\u00a0Tax Credit\u00a0<\/b>or\u00a0R&D Tax Credit<\/b>\u00a0is a general business\u00a0tax credit<\/b>\u00a0under Internal Revenue Code section 41 for companies that incur\u00a0research<\/b>\u00a0and development (R&D<\/b>) costs in the United States.<\/p>\n
The credit has been part of the Internal Revenue Code since 1981, but the IRS isn\u2019t giving away the tax credit \u2014 you need proper documentation of your activities and to correctly apply the law.\u00a0Companies often overlook R&D tax credits but learning what can or can\u2019t receive tax credits is worth a conversation with your accountant. Your business may be eligible to file an amended return and claim the credit for the previous three years \u2014 more money in your pocket to grow your business and create new jobs.<\/p>\n
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