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Reduce Taxes – Deduct Research and Development Expenses Now

April 7, 2009 Michael Neustel Leave a comment Go to comments

Research and development expenses are deductible the same year as incurred rather than capitalizing them. Included in R&D expenses is patent attorney fees in preparing, filing and prosecuting a patent application. More information is Here from the IRS. As always, see your accountant for professional tax advice!

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James Thompson

January 18, 2010 at 10:57 pm | #1

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At this time I’m working on an invention on increasing gas mileage on older vehicles. To get the car up and running properly I have to do work on the engine. Can I deduct the price of the engine rebuild on my taxes?

James R. Thompson
360-265-0723
Amos Erichson

February 7, 2011 at 2:09 pm | #2

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