1. Research-and-development credits. You don't need guys in lab coats to qualify for the R&D credit. Based on when you incorporated your business and the nature of your activities, a portion of legitimate R&D expenses can be claimed as a credit for tax purposes. "People are always tweaking, fixing and improving their product designs and business processes," said Gevertzman. "There is no cap on legitimate expenses, and it applies to a broad spectrum of industries."
2. Work Opportunity Tax Credit. Employers hiring veterans can take a tax credit of up to 40 percent of the first $6,000 in paid compensation. The eligible credit can be as high as $9,600 if the individual employed is disabled and/or unemployed for an extended period prior to being hired.
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3. Incentive stock options. The difference between an individual's regular tax liability and his or her AMT liability makes compensation in the form of incentive stock options relatively more attractive when marginal income-tax rates rise.
As options to purchase company stock are exercised by employees, the difference between the exercise price and the prevailing price of the underlying stock is taxable at the employee's marginal tax rate for AMT purposes, but not for regular tax liability.
When and if the stock is ultimately sold, the difference between the sale price and option-exercise price is taxed as long-term capital gains. "The bigger gap between regular and AMT tax liability makes the options more attractive," Gevertzman said.