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Deductions & credits
I am in the similar situation (Single Member LLC) and want to get a hang of this R&D credit.
- It seems you can't double "claim" the expenses. That is, if the expense is already used as business deduction, that expense CAN'T be used to claim for the R&D credit? Please confirm.
- If so, as a Single Member LLC (small business), all the qualified business expenses can be deducted, in my case. Unless by choice, I can't really think of any business expenses that can't be deducted and then used for the R&D credit. So this R&D credit may not worth the effort, no? Any thought?
Regards,
Joseph
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March 28, 2022
5:03 PM