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Navigating Changes in R&D Tax Credit: Tax Implications and Opportunities

Although claiming the R&D tax credit is not always simple, it can be beneficial. Unlike deductions, which lower taxable income, the credit reduces tax obligation dollar for dollar. With potential changes on the horizon, such as those outlined in the American Families and Workers Act of 2024, business owners must understand the evolving R&D landscape and be prepared for any prospective changes to laws and procedures.