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Mark W. "Extra Crispy" Schumann

Hi, Jess! I have an accounting question for you.

So a few weeks ago I was talking to my man Greg. We're thinking out loud about this new web application idea he had; it wouldn't make any money in the near term, and we might never get around to doing it at all, but it's potentially profitable.

We're doing some startup work on this concept right now. There is no real structure, just "two guys in a garage."

Greg suggested that this kind of work, which is truly Research And Development, qualifies for an R&D tax credit on our business taxes. Now I'm saying you hardly ever get deductions or credits that don't offset income somewhere else. So I might be able to deduct or credit part of what I paid an underling, but that's not the case here.

So my question for you is: Can I take the R&D tax benefit for work that I do by myself and don't directly spend money on?

I love your work and appreciate the blog. Hope to hear from you soon!

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