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Thurman Malik Robinson, CFO & Investor, APPS LLC

@appsmobiletax

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With all the misconceptions around research and development tax credits, it’s no wonder that most small to mid-sized business owners don’t file–and it definitely doesn’t help how complicated it seems the IRS makes almost everything.

Before you completely write off the R&D credit, here are some common misconceptions about R&D Tax Credit that we had to set true.

Misconceptions #1: Scientific advantages or breakthrough medical technology are the only ‌businesses that qualify for R&D Tax Credits

Changes to the R&D Tax Credit expanded what types of companies qualify. These changes mean not only lab sciences are qualified, but also applied sciences. Applied sciences include areas like:

engineering,

computer science,

technology,

agricultural science and,

food science, to name a few.

Don’t feel left out. Whether your company is in manufacturing, technology, agriculture, or even hospitality and catering, you could qualify for R&D Tax Credits.

Still skeptical? Here’s a quick and easy quiz to help you figure out if your business is sitting on a sweet, sweet R&D credit here.

Misconceptions #2: Only companies with substantial profits and tax liability can claim R&D Tax Credits

Wrong again!

The 2015 PATH Act, also known as the Protecting Americans From Tax Hikes Act, cemented R&D Tax Credits as a permanent part of the tax code. PATH also created a provision for startups and small businesses.

This provision allows small businesses to elect to use their R&D credit toward payroll taxes and claim up to $250,000 a year for up to 5 years of R&D expenses.

Not to mention qualified small businesses can carry forward their credit for payroll tax deductions to use in another year. For SMBs, carry forward refers to the application of tax credits to future tax years.

Thank you PATH Act.

Misconceptions #3: Any small to mid-sized business that claims R&D credits will face an audit. #thurmanrobinson #thurmanmrobinson #masterkingmalik #appsmobiletax #thurmanmalik #thurmanmalikrobinson #thurmanmalik4cityofatlanta #thurmanmalik4cityofatl #thurman #malik #robinson #appsllc #kingmalik #mrthurmanmrobinson #thermanrobinson #taxes #tax #startups #hospitality #development #business #audit #technology #agriculture #foodscience #thanky #businessowners #research #engineering #manufacturing #future #medical

THINK REALTY Editorial Staff | 14 Aug 2019

Renovation-Rockstar Featured.jpg

A partnership can be worth thousands in the flipping business.

When real estate entrepreneur Lorraine Beato spoke on a panel at Think Realty’s 2016 event in Atlanta, GA, little did she know that the young gentleman wearing a red cardigan asking to apprentice with one of the panelists would turn out to be one of her first flipping mentees. Thurman Malik Robinson took an affinity to Beato at the Think Realty event, and he has stayed in touch with her since. In summer 2018, Robinson wanted to be part of a renovation project and before he invested $25,000 into someone else’s project, he turned to his trusted advisor who he affectionately calls his “shark.”

“Lorraine has saved me from losing thousands of dollars,” Robinson said.

home renovation, real estate renovation, renovation rockstar, September/October 2019, Think Realty Magazine

VSU Alumni Thurman Malik Robinson - Renovation Rockstar

Oct 21, 2019 - @appsmobiletax @master__kingmalik 👑🚨👑 VSU's Thurman Malik, Real Estate Investor and Tax Accountant, was featured with Lorraine Beato, in a magazine article "Renovation Rockstar: a Partnership can be worth thousands in the flipping business" published by Think realty Magazine Sept / Oct Issue Renovation Rockstar.

https://en.everybodywiki.com/Renovation_Rockstar:_Atlanta_Flip