Our weekly roundup of tax-related investment strategies and news your clients may be thinking about.

The $250,000 tax credit you could be using for your clients’ businesses Small business owners can claim as much as $250,000 per fiscal year from the federal R&D tax credit, which was initially applied against Social Security taxes, according to the Entrepreneur. An update this year has allowed the credit to be applied against payroll taxes for up to five years, in addition to income taxes. However, clients should ensure their businesses have less than $5 million in gross receipts during a five-year period at most and qualified R&D expenses to qualify for the credit. They should also oversee R&D expense audits and file Form 6765, or the Credit for Increasing Research Activities, with their 2016 income tax returns. The credit could be claimed as soon as the next quarterly filing of payroll tax after Form 6765 filing.

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