What is the R&D Tax Credit?

The Research and Development Tax Credit (R&D Tax Credit) caters to businesses that develop, design, or improves products, processes, formulas or software. The credit helps with reducing a company’s tax liability. You can qualify if your business partakes in developing and designing new products and processes. Be sure to keep thorough details of your expenses and general ledgers as well as payroll for your employees. You will also need to provide project lists and notes in regards to the research that took place.