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life in rural nebraska

More small business funding

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Peeking around the new NxBizSuccess website, I found a couple items that our local business community may be able to benefit from.

First, there is a $5000 research tax credit for small businesses that may be applicable to local business needs.  Marilyn @ NxBiz has the scoop (emphasis mine):

There are a lot of rules for documentation of employee wages, and other developmental expenses. Meeting with the accountant prior to starting your research will help in the long run. The tax credit can be applied toward research on new products, enhanced processes, redesigned facilities, etc.

On irs.gov (http://www.irs.gov/businesses/article/0,,id=156352,00.html) the research tax credit is claimed on IRS Form 6765. Form 6765 requires the taxpayer to allocate QREs among wages, supplies, and contract research expenses.

One online attorney firm indicated that this tax credit is one that has high IRS scrutiny and the greatest compliance risk.

Another small business funding solution that can be married with our local funds is financing through Community Development Resources.  You can download an application here to see what some of the stipulations are within the program.  Details on CDR can be found here.  Just tell Rick that I sent you 😉

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Written by Caleb

January 15, 2010 at 3:42 pm

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