http://www.nxbizsuccess.com/forum/topic/tax-breaks-for-start-ups Forum to talk about business en-US Fri, 10 Sep 2010 05:10:41 +0000 http://bbpress.org/?v=1.0.2 q http://www.nxbizsuccess.com/forum/search.php http://www.nxbizsuccess.com/forum/topic/tax-breaks-for-start-ups#post-11 Sat, 07 Nov 2009 09:47:02 +0000 Marilyn 11@http://www.nxbizsuccess.com/forum/ <p>hi gmcdowell - Like all tax credits, you will need to work with your accountant to make sure you follow the rules. There are a lot of rules for documentation of employee wages, and other developmental expenses. Meeting with the accountant prior to starting your research will help in the long run. The tax credit can be applied toward research on new products, enhanced processes, redesigned facilities, etc. </p> <p>On irs.gov (<a href="http://www.irs.gov/businesses/article/0,,id=156352,00.html" rel="nofollow">http://www.irs.gov/businesses/article/0,,id=156352,00.html</a>) the research tax credit is claimed on IRS Form 6765. Form 6765 requires the taxpayer to allocate QREs among wages, supplies, and contract research expenses. </p> <p>One online attorney firm indicated that this tax credit is one that has high IRS scrutiny and the greatest compliance risk. So again, work with your accountant.</p> <p>Hope that helps. </p> http://www.nxbizsuccess.com/forum/topic/tax-breaks-for-start-ups#post-10 Tue, 03 Nov 2009 13:21:26 +0000 Gail McDowell 10@http://www.nxbizsuccess.com/forum/ <p>I just wonder how many "hoops" a person would have to jump through to get the tax credit? </p> http://www.nxbizsuccess.com/forum/topic/tax-breaks-for-start-ups#post-7 Sat, 24 Oct 2009 10:50:44 +0000 Omegaman9999 7@http://www.nxbizsuccess.com/forum/ <p>I just listened to a gentleman from the Tax Institute in Lincoln explain that anybody who wants to start a company can get a $5000 tax credit for 'research.' It's ALSO possible to get tax credits for 'organizational expenses' to create a new company.</p> <p>This doesn't seem to be common knowledge. Does everyone else know about this? </p>