“In 2018, Amazon posted income of more than $11 billion, but the company paid $0 in federal taxes. In fact, thanks to tax credits and deductions, Amazon actually received a federal tax refund of $129 million. That was a year after Amazon received a $137 million refund from the federal government for 2017.”

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“Most business owners I know are always on the lookout for ways to save money and reduce their tax liability. (I'm one of them.) So it took me by surprise to learn that many of them aren't aware of a tax credit that can potentially save their businesses tens of thousands of dollars.

Research and development tax credits, or R&D tax credits, are incentives the government provides to encourage businesses to invest in innovation and technological advancements. While billions are given out to corporations and individuals, the real story here is that billions more go unclaimed. Why? I suspect that businesses are either: a) unaware of their eligibility for these tax credits or b) unsure of how to get them.”

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“The R&D tax credit offers a tax liability reduction opportunity to businesses innovating a process or product. The tax credit is available to businesses of all sizes for qualifying research activities, including software development, architectural design, product enhancements, and more. Businesses can also be eligible for this tax credit for qualifying basic research payments, though this is less common.”

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