What are the tax deductions available for research expenses?

What are the tax deductions available for research expenses?

You can typically deduct expenses related to research activities, including materials, supplies, and even some labor costs.

Are there specific requirements to qualify for these deductions?

Yes, the research must be related to your trade or business, and you should keep detailed records of all expenses.

Can I deduct expenses for research conducted outside the U.S.?

Yes, as long as the research is directly related to your business, you can deduct foreign research expenses.

What documentation do I need to provide for these deductions?

You should maintain receipts, invoices, and any contracts related to the research expenses to substantiate your claims.