Federal Tax Credits

Federal laws outline certain incentives that you may qualify for. Most CPAs do not specialize in these specific cost saving initiatives. Because of this, TTC is here to help determine if we can get those credits/exemptions in place. Give us a call to schedule an appointment with one of our experts to determine which of these incentives we can qualify you for!

R&D – The Research and Development Tax Credit (R&D Tax Credit) was created by Congress as part of the Economic Recovery Tax Act of 1981 to encourage American industry to invest in research and development activities. The purpose of the credit was to stimulate R&D activities among businesses through tax incentives.

WOTC – The Work Opportunity Tax Credit (WOTC) is a federal tax credit that reduces the federal tax liability for employers. Employers can hire from many different targeted groups to qualify for this exemption. For a complete list of who can qualify under this credit give us a call.

IC-Disc – IC-DISC is an acronym for Interest Charge – Domestic International Sales Corporation. It is the last remaining export incentive available to U.S. exporters. It has been around in its current form since 1984, but did not become popular until the Jobs and Growth Tax Relief Reconciliation Act of 2003 lowered the capital gains tax rate making it much more attractive for exporters.

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