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2 Tax Credits That May Benefit Your Business

QUICK SUMMARY

You want your business to succeed. And so does the government, especially if you engage in certain types of business activities. Federal and state governments offer numerous types of tax credits and incentives to encourage you to start a business in a depressed economic area, or conduct game-changing research, or invest more in your business. Here are two tax credits and incentives you might want to look into.

When to Use Research and Development Tax Credits

Also called the Research Tax Credit or the Research and Experimentation Tax Credit, these tax incentives reward companies for investing in qualified research activities. And it’s not just for technology and pharmaceutical companies.

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When to Use Investment Tax Credits

Investment tax credits let you deduct a certain percentage from your taxes when you make certain business investments, such as pollution control, energy conservation, and other methods of economic development.

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