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ShawnA
ShawnA, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Category: Tax
Satisfied Customers: 2884
Experience:  CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
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I am a sole proprieter LLC doing basic research in

Customer Question

I am a sole proprieter LLC doing basic research in biotechnology. I have a payroll. I need to understand how I might take advantages of R&D tax credits on my Schedule C filing form. The CA instructions are straightforward, but I have not figured out the federal forms to use
JA: Thanks. Can you give me any more details about your issue?
Customer: I understand vaguely that I may be entitled to a tax credit for my payroll taxes using fomr 6765. see: http://www.forbes.com/sites/deanzerbe/2015/12/16/rd-tax-credit-and-small-business-tax-deal-changes-everything/2/#6a148bfb38f6
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Submitted: 1 year ago.
Category: Tax
Expert:  ShawnA replied 1 year ago.

Thanks for asking for me. What is the specific question you have for me?

Customer: replied 1 year ago.
How can I take advantage of this: http://www.forbes.com/sites/deanzerbe/2015/12/16/rd-tax-credit-and-small-business-tax-deal-changes-everything/2/#6a148bfb38f6
Customer: replied 1 year ago.
My business fits this criteria: I have ca. $16,000 in payroll taxes that I would like to use the R&D credit to lower my taxes.
ne of the oddities of the R&D tax credit is that often our nation’s most innovative, cutting-edge companies cannot benefit from the R&D tax credit because they are just opening their doors, don’t have income and aren’t paying federal income taxes (even though paying payroll taxes).The Start-Up Act (championed by Senator Coons (D-DE) — with a good assist from Senators Schumer and Roberts – allows small businesses to take against payroll tax (up to $250,000 per year) for up to five years. A small business for the Start-Up Act provision is defined – in general — as a business with gross receipts of less than $5 million dollars a year.
Expert:  ShawnA replied 1 year ago.

Sorry. The link didn't get me there.

Expert:  ShawnA replied 1 year ago.

https://www.govtrack.us/congress/bills/114/s18of ? I am confused. Is this the Start-up act you refer to?

Expert:  ShawnA replied 1 year ago.

http://www.ct.org/startup-tweet-day-october-30th-support-startup-innovation-credit-act/? I assume it is this one?

Expert:  ShawnA replied 1 year ago.

This was introduced but it died between 2013-15

Expert:  ShawnA replied 1 year ago.

Sorry to be the bearer of bad news

Expert:  ShawnA replied 1 year ago.

https://www.govtrack.us/congress/bills/113/s193