Hi all, having an issue about taxable income for a corporate tax return. There is net loss of 12,625 however the software is using 47,854 as taxable income and calculating a tax on it.
It’s almost as if there was an alternative minimum tax. I dont understand where I am wrong?
Your field 9282 (Research & Development) is not a tax deductible expense. As Kevin mentioned, it will be added back on line 118 of the Schedule 1.
As per @kevin and @snoplowguy look at your schedules particular Sch 1 line 118 for R&D and you should also see an add back for 50% of meals on line 121
Thank you this totally skipped my mind that R&D is not deductible for tax purposes.