Resources

Providing high-quality business education, tax guides, and news.
person holding credit card while using laptop

Why Use an R&D Tax Credit Software?

Unlock the potential of your innovations with R&D Tax Credit Software. Dive into a world where maximizing your tax benefits becomes both a possibility and a streamlined reality. With tools designed to simplify, optimize, and secure your R&D tax credit claims, this software is your key to turning research and development efforts into financial advantages.

Read More »
person counting US dollars

Top 5 Most Common IRS Audit Triggers

As tax season unfolds, individuals and businesses alike must navigate the complexities of IRS regulations to avoid unwanted scrutiny. With audit rates in flux, understanding the most common triggers for an IRS audit is crucial for ensuring compliance and minimizing the risk of being audited. From large deductions to the nuances of cryptocurrency transactions, this

Read More »
colleagues looking at documents

R&D 4-Part Test Eligibility

The R&D Tax Credit offers a significant financial incentive for businesses engaged in qualifying research and development activities. Understanding the four-part test is crucial to determine eligibility and to ensure compliance with IRS requirements. This article provides insights into the R&D Tax Credit Four-Part Test, outlining the criteria for qualifying activities, how to navigate the

Read More »
bionic hand and human hand finger pointing

What’s New In AI Tax Preparation

The landscape of tax preparation is undergoing a significant transformation with the advent of artificial intelligence (AI). As AI continues to evolve, it is reshaping the way individuals and businesses approach tax filing. From the automation of routine tasks to the provision of personalized tax advice, AI tax preparation software is poised to change the

Read More »
two women doing their paperwork

Getting R&D Tax Credits & Deduction in 2024

The landscape of Research and Development (R&D) tax credits and deductions is constantly evolving, and staying informed about the latest regulations and strategies is crucial for businesses engaged in innovation. As we move into 2024, companies must understand the intricacies of claiming these financial incentives. This article provides a comprehensive guide to navigating R&D tax

Read More »
Tax documents on the table

What To Know About The 179D Tax Deduction

The 179D tax deduction is a significant incentive for promoting energy efficiency in commercial buildings in the United States. Understanding and leveraging this deduction can lead to substantial tax savings for eligible stakeholders. This article will explore the essentials of the 179D deduction, its recent updates, eligibility requirements, and the importance of professional tax advice

Read More »
man and woman talking on the table

What Questions To Ask Your Clients As A Tax Professional

Welcome to the intricate world of tax preparation, where asking the right questions is as crucial as crunching numbers. For tax professionals, the art of inquiry is essential. Every conversation with a client is an opportunity to gather important details, helping to paint a comprehensive picture of their financial situation. Envision the initial meeting with

Read More »
a laptop near the dollars and papers on a wooden table

Qualified business income deduction Explained

Welcome to the insightful world of tax deductions! Today, we’re exploring the Qualified Business Income Deduction (QBI). It’s a topic buzzing in the business community for all the right reasons. This deduction is a key player in business taxation, offering significant savings for eligible business owners. Understanding how the QBI deduction works and how to

Read More »
tax forms with sticky notes on a black surface

Practice Tax Returns: Sharpening Your Skills

In the meticulous world of tax preparation, the mantra is clear: practice makes perfect. For professionals in the field, mastering the art of tax returns is not just about number crunching; it’s a skill honed through diligent practice. Imagine a scenario where each tax return you prepare becomes easier but more accurate and efficient. This

Read More »
green tractor on green grass field

Qualification for The R&D Tax Credit In Agriculture

In the world of agriculture, innovation is vital to growth and sustainability. R&D tax credits offer a significant financial boost to those who innovate in this vital sector. Understanding the qualifications for these credits can open doors to new advancements and efficiencies for farmers and agricultural businesses. The landscape of modern agriculture is rapidly evolving,

Read More »
a person studying an x-ray image of teeth

R&D tax credit for dentists: Qualifications & More

Welcome to the world of R&D tax credits, a financial opportunity often untapped in the dental industry. For dentists, understanding and leveraging this tax credit is essential for advancing practice growth and innovation. It’s not just about financial savings; it’s about recognizing and rewarding the continuous efforts in research and development within dental practices. This

Read More »
Person filling out tax papers

Best Tax Preparation Services to Use in 2024

Handling your taxes is difficult and can lead to errors if you are not careful. That is why around 46% of Americans use tax software to file their taxes for them. The convenience, accuracy, and professional help provided by services like these are essential to many.  However, not all tax preparation services are built the

Read More »
A tax professional doing calculations

Book vs Tax Depreciation: The Real Difference

In the realm of accounting and tax planning, the concepts of book and tax depreciation often intertwine yet differ fundamentally, impacting financial statements and tax liabilities in distinct ways. Book depreciation, used in financial reporting, follows accounting principles to spread the cost of an asset over its useful life. In contrast, tax depreciation, guided by

Read More »

Best Books For Accountants of 2024

Accounting isn’t a profession where you can stop learning once you enter it. It is a profession where being better and improving yourself is always a good thing.  One of the best ways to do this is by reading accounting books. Books like these provide you with new information in a format you can easily

Read More »
Innovating in technology and research can get you tax incentives

What are Tax Incentives? Beginner’s Guide for 2024

When your small business is in the startup phase, it’s critical to take advantage of all the US tax incentives that apply to your business. Qualifying for government tax incentives can reduce your tax liability up to 30%. We’ll cover the different tax incentives available and why your business should leverage as many as possible.   What

Read More »
Woman with a laptop and money on a table

How to Reduce AGI After Year End [2024]

When it comes to your taxes, your AGI is arguably more important than your gross income. After all, your tax burden is not calculated based on your gross income. Instead, the IRS subtracts some adjustments from your gross income to arrive at your adjusted gross income. This is what is used to calculate your tax

Read More »
an accountant working

Accounting Trends To Know for 2024

As an accountant, you know that change is inevitable in your industry. Whether it’s updating tax codes or new disruptive technology, it’s vital to stay on top of the trends in your industry. If you want to learn about the accounting trends in the coming year, you’re in the right place. In this guide, we’ll

Read More »
Two startup owners pitching to an investor

10 Best Business Funding Sources for 2024

Funding options for your business can seem endless, whether you need short- or long-term financing or if your business is in the startup stage or already established in its industry. That’s why we’ve organized this list of the ten best business funding sources going into 2024 — keep reading to discover the best funding options

Read More »
People working

How R&D Credits Help With Payroll Taxes [2024]

Income tax time is quickly approaching, and it’s time for everyone to begin thinking of how they can minimize their tax liability. For most businesses, tax time is full of stress, endless paperwork, and long nights spent pouring over the IRS tax instructions. Here at TaxRobot, we want to help make your life a little

Read More »
an accountant working with a laptop

Using AI In Accounting The Right Way

In the dynamic and ever-changing world of business, the significance of technology in refining and optimizing processes is paramount, especially in the accounting sector. The emergence of Artificial Intelligence (AI) has marked a significant turning point in this area. AI is revolutionizing the way accounting firms function and is significantly enhancing the caliber and range

Read More »
a desktop computer that says digital marketing

Tips On The Best Digital Marketing For Accounting Firms

In the competitive world of accounting, digital marketing has become a key differentiator for firms looking to attract and retain clients. Navigating this digital landscape requires a strategic approach that goes beyond traditional marketing methods. For accounting firms, this means embracing a range of digital tools and techniques to effectively reach and engage their target

Read More »
two tax professionals working on laptops

Internal Use Software In R&D Credit

In the world of technology and business, internal use software (IUS) is emerging as a critical component in research and development (R&D) tax credits, offering a unique tax advantage to medium and large companies seeking to modernize their IT infrastructure. The shift away from legacy systems, which often comprise a significant portion of IT budgets

Read More »
A Texas flag waving

Best R&D Tax Credit Agencies In Texas

In the quest for maximizing benefits from Research and Development (R&D) tax credits, choosing the right agency is crucial, particularly for businesses in Texas looking to navigate the complexities of tax laws and regulations. Texas, a hub for innovation and business growth, hosts a variety of agencies specializing in R&D tax credits, each offering unique

Read More »
a tax professional looking at the time on his watch

Deadlines For ERC

Navigating the complexities of the Employee Retention Credit (ERC) can be daunting, especially when it comes to adhering to its critical deadlines. The ERC, a significant relief measure for businesses grappling with the challenges posed by economic disruptions, offers a valuable tax credit to those who qualify. However, the key to leveraging this benefit lies

Read More »
a man filling out paperwork

IRS ERC Moratorium – What Does It Mean?

The IRS Employee Retention Credit (ERC) Moratorium has emerged as a topic of vital importance for businesses navigating the complexities of pandemic-related tax relief. The moratorium refers to the temporary suspension of certain ERC claims processing by the IRS, a move that has significant implications for companies counting on this credit for financial reprieve. As

Read More »
a woman traveling for work

Per Diem: How It Works

Per Diem arrangements are an essential aspect of business travel, providing a daily allowance to employees for lodging, meals, and incidental expenses incurred while on official duty. This system simplifies expense tracking for both the employer and employee, ensuring that out-of-pocket costs are covered without the need for detailed expense reporting. The standardized rates are

Read More »
a man doing research on a computer

Can Small Businesses Qualify For Research Credit?

The Research and Development (R&D) Tax Credit remains one of the business world’s most significant incentives for innovation, yet it is often mistakenly considered out of reach for small businesses. The reality is that the R&D credit is not exclusively for corporate giants with expansive labs and research facilities. In fact, small businesses that engage

Read More »
tax preparers working on paperwork

Choosing Professional Liability Insurance For Tax Preparers

Selecting the right professional liability insurance is a crucial decision for tax preparers. It’s not just about fulfilling a regulatory requirement; it’s about peace of mind. For professionals in the intricate field of tax preparation, where the stakes are high and the margins for error are often slim, the right insurance policy acts as a

Read More »
a tax preparer

Top 5 Bank Products For Tax Preparers Ranked

Tax preparers have a significant role in guiding clients through the maze of financial decisions, especially when it comes to selecting bank products that can enhance their tax-filing experience. From refund transfer accounts to interest-bearing opportunities, the array of products offered by banks can provide convenience, speed, and additional revenue streams for tax professionals. Each

Read More »

Companies Must Amortize R&D Expenses Beginning in 2022

Starting in tax year 2022, R&D expenses must be amortized over a period of five years instead of deducting the expenses in the year incurred. Any foreign R&D expenses must be amortized over a period of 15 years. The requirement to amortize expenses is independent of the ability to claim the R&D tax credit. You

Read More »
People working at a startup software development company

R&D Credit Payroll Tax Offset

New businesses and startups have the opportunity to utilize the R&D tax credit to reduce their payroll taxes for a period of up to five years. This tax credit was made permanent through the PATH Act of 2015. This act introduced several improvements, including provisions allowing eligible businesses to offset their alternative minimum and payroll

Read More »
A man holding a small alarm clock

Knowing About the R&D Tax Credit Deadline

Research and Development (R&D) tax credits can be claimed for specific types of expenses incurred during your financial year. The government provides these incentives to support innovative businesses that take risks in their pursuit of new ideas. If your company is new to these incentives, you may have missed out on claiming credits for past

Read More »
A man using a calculator to determine his R&D credit refund

How To Capitalize R&D: Expert Guide

Taxes and the laws governing them are constantly changing, as made evident in the recent changes to how companies have to handle their R&D costs. Previously, businesses could write off those costs immediately; however, they now must capitalize their R&D costs and view them as assets instead of expenses. Due to these changes, it’s more

Read More »
money and the word Taxes next to it

Alternative Simplified Credit For R&D

Understanding and efficiently using R&D tax credits can greatly benefit your business, and the Alternative Simplified Credit (ASC) is one such method that can make this possible. This article delves into the intricacies of ASC.  This method allows a broader range of companies to participate due to its less stringent requirements compared to traditional methods

Read More »
computer and phone showing tax trend graph

What You Should Know About Amortization Of R&D Expenses

It is important to have an understanding of the complexities surrounding Research and Development (R&D) expenses and their amortization in the evolving business tax environment we have today. Beginning in 2022, new regulations stipulate that these expenses need to be accounted for as assets and spread out over a period of five years. This change

Read More »
people calculating expenses

Documenting R&E Expenses the Right Way This Tax Season

Taxpayers face significant changes in the treatment of research or experimental (R&E) expenditures under Section 174 due to the Tax Cuts and Jobs Act (TCJA). This article explores the implications of the new capitalization rules and provides guidance on documenting R&E expenses accurately for tax purposes. Understanding the Changes The TCJA introduced changes that require

Read More »
notepad with money on a table

Qualifying Expenditures for Research and Development

Businesses have the opportunity to reduce their tax liabilities by determining their qualified research expenses (QREs) and claiming them as a deduction through the federal research and development (R&D) tax credit program. Companies that want to take advantage of this dollar-for-dollar reduction absolutely need to have a solid understanding of what kinds of expenses count

Read More »
A man and woman sitting at a table while filling out documents

Breakdown Of R&D Tax Credit Documentation Needed

Claiming the R&D tax credit can be an effective way to reduce your federal tax liability if your business engages in research and development. But in order to do this, you need to support the expenses you are claiming properly. Doing so is critical and mandatory to avoid an issue later on.  But what kind

Read More »
A business owner filling out their 1040 paperwork

Have A Business? Learn How To File Taxes Quarterly

Should you be paying quarterly taxes? If you have a business, whether you do freelance work, are a sole proprietor, or own a corporation, the answer is likely yes. When you run a business, taxes can get tricky quickly — there’s no one paying taxes for you per a W4 form. It’s up to you

Read More »
A man holding a magnifying glass up to a balance sheet

The Best Free Balance Sheet Template

A balance sheet shows your business’s equity at any given time, showing your company’s worth considering its debts and liabilities — essential information for everyone to have on hand. We’ll discuss how a balance sheet works and what type of items your business needs to list and leave you with some links to our team’s

Read More »
A photo of Austin, Texas

Texas R&D Tax Credit: Find Out If You Qualify

When we mention the R&D tax credit, you might think of the federal program that incentivizes US businesses to improve or develop new products and processes. However, many states also offer this incentive — and Texas approaches it a little differently than others. Texas offers R&D incentives in two different ways: Franchise tax credits and

Read More »
An accountant working with a CRM on her laptop

Revolutionize Your Accounting With the Best CRMs

Has your accounting firm gone paperless? If so, you’re not alone — businesses worldwide are moving their data into customer relationship management (CRM) platforms to better manage their information and streamline their accounting processes. However, if you’re still relying on paper forms and old-fashioned methods, scaling your accounting business is almost impossible. Accounting CRMs offer

Read More »
Software developers working on a new app

R&D Tax Credits for Software Development: A Comprehensive Guide

Software development is an innovative field; devs transform business operations and create products driving productivity and efficiency across industries. Many don’t know that most software development companies can qualify for the federal R&D tax credit, providing significant saving opportunities for a range of businesses. Most expenses that your software development company incurs during research and

Read More »
A man wondering if his expenses qualify for the R&D credit

What Expenses Qualify for the R&D Credit?

The R&D credit helps businesses reduce their tax liability based on their qualified research expenses (QREs), but determining which expenses qualify can be confusing. Keep reading to see if your research expenses qualify for the R&D tax credit. What Is the R&D Credit?  The federal R&D tax credit is a way that the government incentivizes

Read More »
A small business owner planning for tax season

Small Business Tax Planning: The Do’s and Don’ts

As a small business owner, tax season is never fun. But with better tax planning, you can take advantage of deductions and credits that can help reduce your business’s tax burden. These seven strategies discuss the do’s and don’ts of small business tax planning, so you can keep more of your profit in your pocket!

Read More »
woman on the computer checking her taxes

Revolutionize Your Accounting Game with Excel Templates

In accounting, you want access to anything that will make your job easier. Something like this will help prevent you from making mistakes and save you time that could be better spent elsewhere. This allows you to improve the quality of work that you provide.  Excel templates can be a game changer for accountants. This

Read More »
Two men looking at a model in an office

R&D vs. R&E: What’s The Difference?

When looking at the tax code, instructions, and other forms, you’ll come across a number of different terms, some of which are easy to understand and some which aren’t. The IRS even knows this as they make an effort to include glossaries and definitions with some of their publications.  Unfortunately, not everything is clearly defined.

Read More »
Two hands holding cards saying “To Do”, “Doing”, “Done”

Mastering Project Management: The Ultimate Guide for Accountants

Proper project management is a serious asset for accountants. Making use of it allows projects to progress smoothly and minimizes the number of mistakes and errors being made.  If you are an accountant looking to learn how to master project management, look no further. This article is a guide to project management for accountants. It

Read More »
“Audience” written on a white board with arrows and a hand holding a marker

Marketing for Accountants

As an accountant, marketing is a necessary part of getting clients and doing business. However, marketing can be difficult and presents an additional challenge on top of traditional accounting. Plus, marketing for accountants often ends up being different than marketing for other professions.  Luckily, there are marketing strategies that work for accountants. This article will

Read More »
Person typing on a laptop

Grow Your Accounting Business With These Automation Tips

Automation is one of the easiest ways to improve the functionality of any business. It effectively allows a company to get more work done in the same amount of time.  Accounting automation does this within the accounting industry. This article will specifically look at how automation works for accounting. It will also explore options that

Read More »
Scroll to Top