The R&D credit offset of payroll tax liability is often overlooked by small businesses, but it can be a great opportunity for some taxpayers.
One of the main reasons people go into business for themselves is to do something they love or feel passionate about. Unfortunately, most soon discover that there are necessary aspects of entrepreneurship that they loathe. Two examples that we hear often: payroll and taxes. Many choose to get professional assistance with their taxes, but are not so quick to consider outsourcing payroll.
On August 8, President Trump issued four Executive Orders, including Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster from September 1, 2020, through December 31, 2020