Leading tax consultancy firm, Source Advisors, renowned for its 38-year expertise in providing comprehensive tax solutions, including R&D Tax Credits, Cost Segregation, §179D, §45L, ERC, and LIFO inventory strategies, has introduced GOAT.tax.

R&D tax credits are available for small businesses. Also known as the Research & Development tax credit, small businesses could potentially offset up to $500,000 in payroll tax liability for qualifying activities (even those companies that are not yet profitable). Expenses that can be potentially offset with this federal tax credit include employee wages, paying contractors, purchasing supplies, and many other costs. If you have a small business that performs research and/or technology development activities, you can claim an R&D tax credit.