R&D Tax Credits: A Potential Tax Tool for Hearing Care Practices Branching into New AreasÂ
Created in 1981 to stimulate research and development (R&D) in the United States, the R&D tax credit is a dollar-for-dollar offset of federal income tax liability and, in certain circumstances, payroll tax liability. Although widely used by larger businesses, the tax credit was specifically modified to also apply for small and mid-sized companies.