Payroll Tax Credit Timeline

If your business is a Qualified Small Business conducting R&D activities, you can use your R&D tax credit to offset your business’s OASDI tax liability. There are two moving parts in this process to remember. First, you must claim credits on your Federal tax return. If you follow a calendar year end, your taxes are due either March 15th or April 15th. If you extend, then you get an additional 6 months. The IRS states that the payroll tax credit can be used the first calendar quarter beginning after the date on which it files its income tax or information return for the tax year. That means, if you file your Federal tax return on March 15th, you can start … Read More