Over the past few years, interest has soared in maximizing practice-related tax savings. This includes not only taking advantage of routine deductions for expenses such as retirement plan contributions, business cars, family member employment, travel, continuing education, business meals, etc., but also specialized tax breaks such as the Qualified Business Income Deduction (QBID) and the Research and Development (R&D) Tax Credit.
The R&D tax credit (Internal Revenue Code Section 41) was created in 1981 to stimulate research and development in the United States. Originally...
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