Research and Development Tax Credit

By: Jodi Henke

Farmers are always looking for ways to keep more money in their pocket at tax time. The Research and Development tax credit is a little-known tool that could help you do just that. It rewards businesses for innovation that is only required to be new to them, not new to the world.

Julie Spiegel is a certified public accountant for Varney and Associates of Manhattan, Kansas. She says the tax credit has predominantly been used by manufacturing companies, but its broad focus also applies to agriculture and farming.