Annual (save 20%)
Monthly
Navigate the complexities of key tax positions with our intuitive platform. From Depreciation to the Augusta rule and beyond, Essentials ensures you're leveraging every opportunity for savings.
Start your 7-day free trial now
FAQs
If your business owns tangible assets like equipment, buildings, or vehicles, or intangible assets like patents or copyrights, you may qualify for depreciation or amortization respectively. Sign up for a free trial of Instead to help determine your assets’ eligibility and calculate the depreciation or amortization amounts.
Instead is a comprehensive platform allowing business owners, accountants, and tax advisors to collaborate on depreciation and amortization calculations. It helps you determine asset eligibility, estimate tax savings, and create the required documentation in an affordable and accessible manner.
By entering your business and asset details into Instead, you'll receive an estimated amount of how much depreciation or amortization could reduce your taxable income. The platform will then guide you through the documentation and steps needed to claim this deduction.
Yes, depreciation and amortization are legitimate tax deductions recognized by the U.S. government. They allow businesses to spread out the cost of an asset over its useful life, reflecting its usage and wear and tear.
Accounting for depreciation or amortization in your tax calculations allows you to spread out the cost of an asset over its useful life, providing a more accurate reflection of your business expenses. This practice can lead to significant tax deductions, which in turn lowers your taxable income and potentially reduces your tax liability, aiding in the efficient management of your business's tax obligations.
Initially, you'll find your estimated tax savings in Instead within minutes. Following this, Instead assists you in identifying the eligible assets, calculating depreciation or amortization, creating necessary documentation, and preparing final documents for submission during tax season.
No, Instead is designed with educational, step-by-step guides making the process of calculating and claiming depreciation or amortization accessible and affordable to any business, regardless of prior experience. However, consulting with tax and accounting professionals is recommended for full confidence in claiming your deductions.
We anticipate you may have questions! Instead is a guided platform educating you throughout the depreciation or amortization process. If your questions aren't answered within the platform, our live chat support and extensive self-serve knowledge base are available. You may also choose to work with an Instead Pro user for professional assistance.
In case of an audit, you can generate and provide the necessary information stored in Instead to auditing authorities. For additional support during an audit, consulting with your tax professional is advisable. While Instead aids in accurate calculation and documentation, the taxpayer is ultimately responsible for the data entered and the claims made.
A home office qualifies for tax purposes if it is a designated area in your home used exclusively and regularly for business activities. The home office must be either the principal place of your business or a place where you meet clients in the normal course of business. Use Instead's platform to help determine your eligibility for the Home Office deduction.
Instead offers a collaborative platform where taxpayers, accountants, and tax advisors can work together to identify qualifying home office expenses, calculate deductions, and generate the necessary documentation. Our platform streamlines the process, making it easier, faster, and more affordable to claim your Home Office deduction compared to traditional methods.
Having a home office can provide tax benefits by allowing you to deduct a portion of your home expenses such as mortgage interest, property taxes, utilities, and maintenance, thereby reducing your taxable income and potentially lowering your tax liability.
The percentage of home expenses that can be deducted is based on the square footage of your home office relative to the total square footage of your home. Instead will guide you in calculating this percentage and estimating your potential deductions.
Utilizing the Home Office deduction can be a valuable tax-saving tool that helps offset the costs associated with maintaining a space in your home for business purposes. It can contribute to lowering your overall tax liability and enhancing your business’s financial efficiency.
Begin by entering your home and office details into Instead to estimate your potential deductions. Following this, Instead assists you in identifying qualifying expenses, calculating the deduction, creating the required documentation, and preparing the final documents needed for submission during tax season.
No, you do not. Instead is designed with educational guides to make claiming the Home Office deduction accessible to any business owner, regardless of their prior tax knowledge. However, we do recommend consulting with tax professionals to ensure accurate claim submissions.
We expect you may have questions! That's why Instead provides live chat support and a rich self-serve knowledge base. Additionally, you can choose to work with an Instead Pro user for professional guidance throughout the process.
Documentation such as mortgage statements or rent receipts, utility bills, property tax documents, and records of home maintenance expenses are crucial for substantiating your Home Office deduction. Instead assists in organizing and generating this documentation for your convenience.
In the event of an audit, you can provide the documentation generated and stored in Instead to auditing authorities. For additional support, we advise consulting with your tax professional. Although Instead facilitates accurate documentation, the taxpayer is ultimately responsible for the data entered and claims made.
To qualify for tax-free rental income under the Augusta Rule, you must rent out your property for 14 days or less per year. Instead can help you determine eligibility and ensure compliance with the rule, making the process of claiming this tax position straightforward.
Instead is a collaborative platform that simplifies the process of adhering to the Augusta Rule. It enables homeowners, tax advisors, and accountants to work together in understanding, applying, and documenting rental activities to ensure compliance and maximize tax benefits.
The tax savings from the Augusta Rule come from not having to report the rental income earned during the 14 days or less your property is rented out. Instead can provide an estimate of your potential tax savings based on your rental income and other financial details.
Yes, rental income under the Augusta Rule is genuinely tax-free provided you adhere to the 14-day rental limit. This rule is a legitimate tax position recognized by the IRS, aimed at providing tax relief for short-term rentals.
Renting out your home under the Augusta Rule can provide additional income without increasing your tax liability. It's an opportunity to monetize your property during high-demand periods or events while enjoying tax-free income.
Under the Augusta Rule, you are not required to report the rental income if your property is rented out for 14 days or less. Instead guides you through the necessary steps to ensure compliance, making the process of not reporting this income straightforward and compliant.
No, you do not. Instead is designed with educational resources and step-by-step guidance, making it easy for anyone to understand and take advantage of the Augusta Rule, regardless of their tax knowledge.
We expect you may have questions! Instead offers live chat support and a comprehensive self-serve knowledge base. Additionally, you may choose to collaborate with an Instead Pro user for professional advice regarding the Augusta Rule.
In the event of an audit, Instead assists in providing the necessary documentation to demonstrate compliance with the Augusta Rule. While Instead facilitates accurate documentation, we recommend consulting with a tax professional to ensure a smooth audit process, as the taxpayer is ultimately responsible for the claims made.
The free trial is 7 days.
Yes, you can add multiple users during your free trial including an internal accountant, external tax advisor, spouse or domestic partner, and any additional stakeholders or staff you need.
At the end of your free trial, you will need to purchase an annual or monthly plan to continue your journey to realizing R&D tax credit savings.
If your free trial expires and you choose not to move forward with purchasing a plan, you will no longer have access to the data you’ve entered into Instead.
You can upgrade to a paid account any time during your free trial when you are logged into Instead via the banner at the top of your screen.
Yes. If you are on the monthly plan, you may add and remove entities as you choose each month as your subscription renews.
If you are on the annual plan, you may add and remove entities as you choose upon your annual renewal.
If you are on a monthly plan, you can cancel anytime during the month, and you won’t be charged on your next monthly billing date. If you’re on an annual plan, you can cancel anytime and won’t be charged on your next annual billing date.
Instead is designed for businesses, internal accountants and finance teams to be able to estimate and realize R&D tax credit savings on their own through a turnkey, step-by-step affordable platform.
Instead Pro is designed for accounting and tax firms to be able to manage and collaborate with several business clients’ throughout the R&D tax credit process.
No, you do not. Instead’s pricing is based on the number of entities you add to your account, not users. You are welcome to add additional users to each of your entities at any time for no additional fee including an internal accountant, external tax advisor, spouse or domestic partner, and any additional stakeholders or staff you need.
Annual (save 20%)
Monthly
R&D tax credits are government incentives designed to reward businesses for investing in innovation and research. They can significantly reduce your tax liability, turning your research expenses into valuable savings. Our platform ensures you identify and claim every eligible credit, maximizing your returns.
Start your 7-day free trial now
FAQs
If your business invests in the innovation of a product or process, you may qualify for the R&D tax credits. To see if your business qualifies, sign up for your free trial of Instead to help determine your project’s eligibility.
Instead is the first solution that allows taxpayers, accountants, and their tax advisors to collaborate on claiming R&D credits by helping you determine project eligibility, estimate tax savings, and create the required documentation all in one affordable and accessible platform.
Once you enter your business and R&D spend details into Instead, you’ll get an estimated savings for how much your business could save. After receiving your estimated savings, Instead will guide you through the documentation and steps needed to claim the credit.
Yes, the R&D tax credits are legitimate and were created by the government of the United States to encourage technology-based innovation by providing tax credits.
As with any tax credit, the R&D tax credits create funds that go back into your business’s pocket to fuel additional innovation and grow your business’s bottom line.
The first step is to find your estimated savings in Instead in a matter of minutes. Once you determine an estimate of savings, Instead guides you every step of the way from determining the projects and expenses that are eligible to creating documentation needed and preparing final documents for submission during tax season.
No, you do not. We created Instead with educational, step-by-step guides to make these lucrative tax credits accessible and affordable to any business, regardless of their prior experience working with R&D tax credits. However, we do recommend working with tax and accounting professionals to gain full confidence in claiming your credit.
We expect you to have questions along the way! That’s why we’ve built Instead as a guided platform that educates you as you move through the process of claiming R&D tax credits.
If your questions aren’t answered directly inside the platform, you can always access our team via live chat and/or browse our self-serve knowledgebase of 200+ articles. Additionally, you can also choose to work with an Instead Pro user.
Pro users are accountants, tax professionals, EAs, CPAs and R&D consultants who can assist you in claiming your R&D tax credits.
If you get audited, you are able to generate information and provide auditing authorities with information requested that you have stored in Instead.
If additional support is needed to help support an audit, we suggest you consult with your tax professional.
Instead does not guarantee your success in audit and the taxpayer is ultimately responsible for documentation and support of any data entered into Instead.
The free trial is 7 days.
Yes, you can add multiple users during your free trial including an internal accountant, external tax advisor, spouse or domestic partner, and any additional stakeholders or staff you need.
At the end of your free trial, you will need to purchase an annual or monthly plan to continue your journey to realizing R&D tax credit savings.
If your free trial expires and you choose not to move forward with purchasing a plan, you will no longer have access to the data you’ve entered into Instead.
You can upgrade to a paid account any time during your free trial when you are logged into Instead via the banner at the top of your screen.
Yes.
If you are on the monthly plan, you may add and remove entities as you choose each month as your subscription renews.
If you are on the annual plan, you may add and remove entities as you choose upon your annual renewal.
If you are on a monthly plan, you can cancel anytime during the month, and you won’t be charged on your next monthly billing date. If you’re on an annual plan, you can cancel anytime and won’t be charged on your next annual billing date.
Instead is designed for businesses, internal accountants and finance teams to be able to estimate and realize R&D tax credit savings on their own through a turnkey, step-by-step affordable platform.
Instead Pro is designed for accounting and tax firms to be able to manage and collaborate with several business clients’ throughout the R&D tax credit process.
No, you do not. Instead’s pricing is based on the number of entities you add to your account, not users. You are welcome to add additional users to each of your entities at any time for no additional fee including an internal accountant, external tax advisor, spouse or domestic partner, and any additional stakeholders or staff you need.
