In this section you will enter information relevant to your business's use of the R&D tax credit.
- Select if you plan to take a reduced credit under tax code 280C.
- This election provides a reduced credit in exchange for not having the requirement to reduce deductions in your tax return by the amount of the credit. Your tax advisor should determine if this election would be beneficial given your tax situation.
- If unsure, keep as 'No', this will be confirmed when generating your tax forms.
- Input the total estimated income tax generated by the business for the current study year.
Ensure this information is accurate as it will be referenced later when calculating your credit.
