The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’ll take care of for you. But in addition to the credit itself, be aware that there are two additional features that are especially favorable to small businesses: Eligible small businesses ($50 million or less in gross receipts for the three prior tax years) may claim the credit against alternative minimum tax (AMT) liability. The credit can be used by certain smaller startup businesses against their Social Security payroll and Medicare tax liability. Let’s take a look at the second feature. The Inflation Reduction Act (IRA) has doubled the amount of the payroll tax...