Question 1

Research and Development (R&D) Tax Credit

Accepted Answer

The R&D Tax Credit rewards businesses for innovation, offering dollar-for-dollar tax savings on qualified R&D activities. This credit applies to the development or improvement of products, processes, software, or techniques that enhance functionality, performance, or quality. It can cover up to 10% of annual R&D expenses federally, with no cap on total credits. Unused credits can be carried back one year or forward up to 20 years.

You may qualify if your business:
 • Develops new or improved products, processes, or techniques.
 • Conducts research or experiments with new technologies.
 • Creates and tests prototypes.
 • Hires engineers, developers, or scientists for R&D activities.
 • Startups can claim the credit against payroll taxes for up to five years

Question 2

Preventative Care Management Plan

Accepted Answer

The Preventative Care Management Plan is an innovative ACA Compliant employee benefits program that gives you the ability to provide benefits to your employees at no cost to your organization.

Financial Savings
The program generates an average FICA savings of $600 per year for each participating employee (For 20 employees, $60,000 in payroll tax savings).

Employee Benefits 
The baseline program is a suite of benefits that focuses on overall health and wellbeing. All with $0 copays.
 • Telemedicine
 • Employee Assistance Program
 • Health Vitals Facial Scan App
 • Couples Counseling
 • Addiction Recovery Program
 • Mayo Clinic Programs, like Total Body Workout, Mayo Clinic Diet, Stress & Anxiety Program, Tools & Resources

Question 3

Self-Employed Tax Credit (SETC)

Accepted Answer

The SETC Program provides a tax credit for self-employed individuals impacted by qualified COVID-19 disruptions as outlined in the Families First Coronavirus Response Act (FFCRA) and the American Rescue Plan Act (ARPA). The tax credit can be up to $32,000 and is based on your net earnings in 2020 and in 2021.

Eligible self employed individuals include the following:
 • Sole proprietors
 • 1099 contractors
 • Freelancers
 • Single-member LLCs
 • Gig workers
 • Partnerships

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