Payroll

Are you a qualified small business (QSB)?

Does your small business have:

Less than $5 million in gross receipts;
Five or fewer years of gross receipts; and
Qualifying research expenses (QREs)?

If so, you may be eligible to apply your R&D Tax Credits toward quarterly OASDI payroll tax payments. You can even offset future payroll taxes for up to 20 years, capped at $250,000 per year.

How much money could your hemp company receive?

If a company has $5 million in gross receipts, this only determines eligibility. The actual R&D credit is calculated from a company’s QREs. The R&D credit can only be applied to a company’s Social Security payments (6.2%).

What does this look like?

Hemp Company Has $1.2 Million In Annual QREs

HempTax will discover your qualifying research expenses.

We’ll multiply that by 10% (Federal R&D credit rate).

$120,000 Federal R&D Tax Credits

This tells us how much payroll tax to offset.

$1 million Total Payroll

Multiply Total Payroll by 6.2%

$62,000 Employee Payroll Tax liability per year

Divide by four quarters

$15,500 Payroll Tax Credit Offset per quarter

No Payroll Tax for

23 Months!

This is not too good to be true.

We help hemp companies every day discover their eligible tax credits so they can reinvest in their companies and drive innovation in the hemp industry. Are you ready to save on your payroll taxes? Contact one of our HempTax associates and claim this valuable tax credit today.

Eliminate Your Payroll Taxes

Get your money back.

Are you a qualified small business (QSB)?

This is not too good to be true.

Find out how much you’ll earn.