Hello and welcome to the session. This is Professor Farhad. In this session, we're going to be looking at additional general business credits. Specifically, we're going to be looking at the research activities credit. Now, we did talk about research deduction in a prior session. In this session, we're going to see how research activities or research expenditure create a business credit to support the general business credit. This topic is covered in an income tax course, the CPA exam regulation section, as well as the enrolled agent exam. As always, I would like to remind my students, which is you, and my viewers to connect with me on a professional and personal level. Life is too short, let's get to know each other. How about that? Okay, so if you don't have a LinkedIn account, you should have one. It's good for your professional image and you can connect with other professionals in your industry. If you are a Facebook user, please like my Facebook page and connect with me on a personal level. You want to make sure you connect and subscribe to my YouTube channel. This way, you will have access to all new lectures as I post them. If you like my lectures, please like them, share them, and put them in playlists. Also, this is my Twitter handle: @farhadlectures. I also have a website where I house all my lectures, organized by chapters. Now, let's talk about research activities credit. Research activities credit is going to be comprised of three credits: incremental research activities credit, basic research credit, and energy research credit. And if you know me, every time I have a list of things, I'm going to go ahead and discuss each one of them separately, starting with incremental research activities credit. So, how much do you...
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Qualified research activities Form: What You Should Know
Form 6765, Credit for Increasing Research Aug 29, 2024 — The R&D credits increase with the number of qualifying activities. Therefore, you may need to file Form 3765 to determine if your August 30, 2024 — Form 6765 is used to calculate and claim the R&D tax credits you are entitled to for increasing research and experimentation activities. Form 6765, Credit for Increasing Research Sep 1, 2024 — The first day of each tax year, you may take advantage of the credit to increase your deduction using the reduced, rather than the standard, method: Taxpayers who file Form 6765 in the second business Jul 1, 2024 — If you were a single taxpayer in 2024 and will be filing one of the tax years beginning on, and including, June 30, 2025, you may take a 10% tax credit for R&D activities that will date at least through June 30, 2025. Dec 28, 2024 — The amount of the credit decreases with each succeeding tax year, from 10% to 5%. (1) The credit for this credit is (2) The tax credit is deducted at the time you calculate the amount of the deduction for R&D activities, and any amounts excluded by §1.167(h) of this chapter, if the total amount excluded exceeds the reduced tax credit. (3) The credit is taken at the tax years beginning on June 1 of the year of the first use of the R&D activities or the year in which the activities are to be undertaken with respect to which they were first used. (4) Any unused portion of the credit not taken at the end of any taxable year (including the amount excluded in clause 3) may be carried back to the preceding taxable year beginning on the same day by filing Form 8710. (5) The credit and any refund of tax for the period beginning on the effective date of this paragraph and ending on the end of the taxable year in which it is received, but only to the extent that the credit exceeds the amount of inclusion in income by, the amounts excluded from income by or under section 1.167(h) of this chapter, (including the amount excluded under Sec. 1.167(h)(9)).
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