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Research Credit (R&D Tax Credit)

A federal tax incentive designed to encourage businesses to invest in research and development activities within the United States by reducing their tax liability.

Internal Revenue Code of 1986

The official compilation of all tax laws in the United States, administered by the Internal Revenue Service (IRS).

Taxable Year

The annual accounting period for which income and expenses are determined for tax purposes, typically a calendar year (January 1 to December 31) for individuals and many businesses.

Gross Receipts

The total amount of money a business receives from all sales and services before any expenses or deductions are taken out.

Refundable Credit

A tax credit that can reduce a taxpayer's tax liability below zero, meaning the government will send the taxpayer a refund for the amount of the credit that exceeds their tax due.

Federal Unemployment Tax Act (FUTA)

A federal tax that employers pay to fund unemployment compensation programs.

Qualified Small Business

A business that meets specific criteria, such as limits on gross receipts, to be eligible for certain tax benefits under the Internal Revenue Code.