What are the company's R&D expenses for this year?
What tax year is the company applying for?
What wages did the company pay for Qualified Research Expenses? Count total W-2 wages
(hourly wages, salary, bonus, etc.), but do not include benefits or employer FICA taxes.
Total wages = {{ get_total_wage_cost() | currency : USD : 0 }}
Were any of these contract research expenses:
The company's total Qualified Research Expenses for this year are
{{ total_QREs() | currency : USD : 0 }}.
What are the company's past R&D expenses?
In how many years has the company had Qualified Research Expenses?
(Only count years beginning after 1993.)
The company's research credit is:
You could claim the
Regular Credit for {{ calculate_regular_credit() | currency : USD : 0 }}
. This is more than the Alternative Simplified Credit, which would only be
{{ calculate_alt_simplified_credit() | currency : USD : 0 }}.
You could claim the
Alternative Simplified Credit for
{{ calculate_alt_simplified_credit() | currency : USD : 0 }}
. This ismore than the Regular Credit, which would only be
{{ calculate_regular_credit() | currency : USD : 0 }}.
You can claim
either the Regular Credit or the Alternative Simplified Credit; either credit will be the
same amount: {{ calculate_alt_simplified_credit() | currency : USD : 0 }}
.
Claiming the credit will also reduce the company's deductions for the cost of your research (employee
wages, etc.) by {{ get_higher_credit_amount() | currency : USD : 0 }}.
Alternatively, you also have the option to reduce the credit by 35% to
{{ get_higher_credit_amount() * 0.65 | currency : USD : 0 }}, but not affect
the company's deductions at all. This is called "electing the reduced credit under section 280C."
What can the company apply the credit towards?
The company can use this credit to reduce its corporate income tax, or to reduce the FICA taxes (6.2% Social
Security and 1.45% Medicare taxes) that it pays on employee wages.
The company can use this credit to reduce its corporate income tax, even if the company pays the Alternative
Minimum Tax (AMT).
The company can use this credit to reduce its corporate income tax.