Philly Tech Connect by Philadelphia Tech Entrepreneurs
Make Your Funding Go Further in Your Early Stages
May 2, 2024
Morgan Doyle, Associate Director of Business Development at Corporate Tax Incentives, discusses how startups can benefit from Research and Development Tax Credits, including qualification behaviors, expenses, revenue exclusions, and payroll tax benefits. The podcast dives into the process and flexibility of filing for these credits, while highlighting the exclusions and criteria for startups to maximize financial outcomes.
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Quick takeaways
- Startups, even pre-revenue, can benefit from research and development tax credits in sectors like software development.
- Claiming research and development tax credits involves a feasibility phase and calculating expenses on technical projects and employee payroll.
Deep dives
Incentivizing Innovation and Research
Tax credit programs incentivize certain behaviors and reward companies for innovation. The research and development tax credit aims to stimulate innovation within the US by rewarding businesses for employing technical labor. Startup founders, even those in the pre-revenue stage, can benefit from these niche opportunities and potentially gain significant advantages in sectors such as software development. Companies engaging in hard sciences, architecture, engineering, biotech, manufacturing, and especially software activities, qualify for these tax credits.
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