Beginning in 2016, small businesses can use their research and development tax credits to reduce their Social Security taxes under the new Protecting Americans from Tax Hikes (PATH) Act of 2015.
This is big news for start-up companies.
The government finally gets that it takes time to develop and grow a new business (and for that business to start paying income taxes). If you have employees in your start-up, it’s a good guess that payroll taxes are a big part of your tax bill.
Now, unlike in years past, start-up businesses have the opportunity to claim both a tax credit and a tax deduction for the same dollar spent ... Log in to view full article.