R&D

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IRS Letters: How to Respond to IRS Notice

Many people think that they’re immune to IRS notices. After all, doesn’t the IRS usually target wealthy individuals and businesses? Sadly, that’s not the case.  Since these targets require investigation and litigation, the IRS focuses on low-income wage earners and small businesses five times more than other parties. If you receive IRS letters, it’s essential …

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What Is Revenue Reconciliation? Why It Matters

There are two vital parts to a successful month-end close (especially for startups and SaaS companies): Revenue recognition and revenue reconciliation. Many startups make the mistake of focusing on recognizing and recording transactions, skipping the reconciliation process — a crucial accounting step. We’ll discuss the basics of revenue recognition and reconciliation, what they are, why …

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IRS Warns About False ERC Claims: What to Know

The Employee Retention Credit (ERC) encouraged businesses to keep their employees on payroll during the height of the pandemic. However, the IRS has some new information for us as the economy tightens. Related: What Is the ERC? In October 2022, the IRS warned taxpayers about third parties promoting claiming enormous Employment Retention Credit (ERC) refunds …

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SR&ED Tax Credit Qualification Guide & FAQ

Before you apply for the Scientific Research and Experimental Development credit, it’s important to understand its requirements. If you’re wondering if the SR&ED program can benefit your businesses, if your projects qualify, how the Canada Revenue Agency (CRA) determines eligibility, how this tax incentive program works, or how to claim it, you’re in the right …

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A startup using the best credit card.

BREX vs. RAMP: Find the Best Credit Card for Startups

A business credit card is the ultimate weapon in the battle to keep your new business thriving. Cash back rewards, credit perks, and all the other needed tools that keep company growth a reality. Business credit cards aren’t just limited to more significant enterprises anymore, and small business credit cards are made just for startups, …

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Startup Bookkeeping: How to Get Started Right

Many aspects go into running a business. Bookkeeping is a crucial business component, as it can impact your business’s growth and success.  Bookkeeping encompasses various tasks, including data entry, filing taxes, and more. Where do you get started? Read this guide from Tax Robot to learn how to start bookkeeping for your business.  Related: Startup …

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Startup team meeting with pre-seed funding investor

Pre-Seed Funding & Investors Guide for Startups

Over 23,000 startups have received seed funding from 2016-2020, which has grown exponentially compared to the decade before. Many businesses see the value of bringing in investors early to help launch their businesses right vs. bootstraps. We’ll explore why pre-seed money is good and how to attract pre-seed investors to your startup business. By leveraging early investors, …

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how can the WOTC help your business?

What Is the Work Opportunity Tax Credit (WOTC)?

The Work Opportunity Tax Credit (WOTC) program is a federal tax credit that employers can use when they hire people from specific target demographics, such as disabled individuals. In the past, these workers have experienced barriers to employment. However, there are certain rules that employers must follow to access these credits. If you want an …

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Tax Credits for Hiring Veterans: How to Qualify

With an estimated 19 million US veterans, the United States strives to help its Armed Forces veterans find gainful employment once they are discharged. To do this, the federal government offers significant tax credits to companies that employ military veterans. To qualify for these credits, a business needs to jump through a few hoops fairly quickly …

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person preparing their payroll tax deferral deposit

What is the Payroll Tax Deferral? CARES Act Breakdown

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, businesses could defer their employer portion of payroll taxes from 2020 until 2021 and 2022. Over 1,026,282 employers took advantage of this deferral during the economic burden caused by COVID-19. President Joe Biden extended the payroll tax deferral as part of the American Rescue Plan Act. …

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incentivize your hiring process with tax credits

Tax Credits for Hiring the Disabled: Incentivize Your Hiring

If you have a business, you may qualify for a tax incentive from the IRS for hiring those individuals with disabilities. The government uses tax credits to encourage employers to hire people who might have faced employment challenges in the past. When businesses try to hire these qualified workers, they can enjoy many tax breaks, …

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minority-owned businesses may be able to take a few tax credits

How Does the Federal Government Define a Minority Business?

According to the current tax code, minority-owned businesses have no specific incentives, but entrepreneurs can take advantage of certain tax breaks and credits. There are several recognized minority groups; they include: Black/African Americans Hispanic/Latino Americans Asian Americans Arab Americans/ Middle Eastern Americans Native Americans/Alaska Natives Native Hawaiians/Pacific Islanders Are you searching for additional resources to …

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Paperwork

IRC Section 174: Get Lower Tax Bill for Inventors

For many people, there is nothing more exciting than innovation. Inventors who are engaged in research and development activities have a unique opportunity to lower their tax bills, and it’s all thanks to IRC Section 174. Our tax system is full of technical jargon and complex intricacies, and it’s constantly changing. Even Section 174 isn’t …

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Research and Experimentation Tax Credit Guide

Tax season can loom over companies with all its paperwork, technicalities, and endless hard-to-decipher jargon. There’s a lot to learn about filing your taxes properly and maximizing your return. It’s important to understand the ins and outs of taxes, especially those areas that aren’t well known or understood.  The research and experimentation tax credit was …

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what is the employee retention credit

What is the Employee Retention Credit (ERC)?

There are many questions surrounding the Employee Retention Tax Credit (ERC). Many companies understand the benefits, but several changes, requirements, qualifications, etc., can seem confusing. Today we will try and simplify this complicated subject and provide you with a guide to the ERC, including how the ERC works, wage qualifications, how to claim this tax …

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IRS Form 944 Instructions & Free PDF Download

If your business has employees, your tax obligations include reporting your payroll and income taxes withheld from their paychecks. While large companies typically file Form 941, small businesses with less tax liability typically file a simpler form—Form 944. Related: Startups—Here’s how to get $250,000 From the IRS We’ll explain how to fill out each section …

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How to Calculate ERC Tax Credit [Guide & Calculator]

If you’re a business owner who’s struggling to make ends meet, tax credits like the Employer Retention Credit (ERC) might be the answer. It’s more accessible than many other relief options like grants or loans. However, understanding how tax credits work can be confusing—don’t worry; we’ll explore everything you need to know about the ERC …

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A small team working at a startup

Product Development for Startups: How to Get Started

Developing a product for your startup is no less than an adventure. You’ll find challenges at every level and around every corner, from finding your audience and analyzing their demographics to creating and launching the right solution and everything in between. We’ll explore each aspect of the startup product development process, from ideation and design …

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Startup employees using sticky notes to plan a project.

How to Find Competitor Pricing: Track the Competition Easy

Look at the biggest brands out there—how did they get to where they are? By understanding their competition and tracking their pricing. Knowing how your brand compares to your biggest competitors is the key to getting and staying on top. This is especially true when it comes to pricing. Your customers are more price-sensitive than …

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Grants for Nonprofit Startups: A Complete Guide

Developing a nonprofit startup isn’t an easy process, especially when getting the needed funding to get initial operations off the ground. Sadly, grants for nonprofit startups are notoriously competitive due to the limited number of grants available. To help you more easily navigate the complex realm of nonprofit startup grants, our team of passionate business …

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A windowed door for a small clothing shop displaying an “Open” sign.

Small Business Grants for Immigrants & Minorities Guide

Opening a new business is not easy for anyone. Still, it’s a complicated process for immigrants and members of minorities, who often lack access to the same resources and support that U.S.-born citizens and non-minority individuals typically receive. But that doesn’t mean that opening a successful business as a minority or immigrant is impossible. It …

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