Startups are looking inward at budget and savings more than ever before. One of the fastest ways a Startup can optimize their savings is with R&D Tax Credits.
Startup companies may now use credits to offset their employer FICA payroll taxes (6.2% of payroll) regardless of profitability. An eligible startup can fund up to $250,000 annually.
Eligible startup companies are defined as those in business for 5 years or less and that earn less than $5 million in revenue.
For example, a Startup with $500,000 in engineering salaries pays $31,500 in FICA payroll taxes.
By leveraging up to $50,000 in R&D credits, they can eliminate their payroll taxes completely!
Use our calculator for a glimpse of what you could be saving in seconds.
10% ROI on technical expenses
Including US-based employee wages, contractors, and supply and cloud-computing costs
It's good practice to start planning for claiming the credit as soon as possible, because if you snooze you lose them.
Once TaxTaker delivers your benefit, you can apply the funding as quickly as your next pay cycle or next payroll quarter, depending on provider.