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Now is the time to start documenting your R&D

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A tax credit is a “dollar-for-dollar” reduction in your tax bill. This means that it’s “cash to the bottom line of your company,” said Schmidt. “If you’ve not claimed an R&D credit in the past, you can go back and claim past years (be sure you have the necessary documentation) and into the future. It’s the gift that keeps on giving.”

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