I have credit for qualified small business research. How do I claim it?
433 views |Last modified 10/15/2024 1:11:55 AM EST | Added by TaxBandits Team

The Qualified Small Business Payroll Tax Credit allows employers to claim a credit against their share of social security tax for increasing research activities. To determine the qualified payroll tax credit amount you can use in the current quarter, you will need to complete Form 8974.

If you have a credit for Qualified Small Business Research, you can claim it while e-filing Form 941 with TaxBandits. Simply enter the credit amount on line 11a, 'Qualified Small Business Research Credit,' and attach Form 8974.

At TaxBandits, we provide an option to complete Form 8974 alongside your Form 941 for your convenience.