Firms in all major industries claim the R&D credit such as manufacturing professional, scientific, technical services, as well as information sectors.
The Research & Development (R&D) tax credit is one of the most significant domestic tax credits remaining under current tax law – a substantial tool maximizing a company’s cash flow and bottom line. Despite the fact that the R&D credit has been available since 1981, less than a third of eligible companies recognize that they qualify for the credit. Every company improves products and processes to remain competitive, the government rewards them through this tax benefit.
ACTIVITIES THAT QUALIFY INCLUDE:
Developing or Formulating New or Improved Products
Functionally Enhancing Existing Products or Formulas
Developing New or Improved Production Processes
Assisting Customers with Technical Problem-solving
Developing New or Improved Software for Use or Sale
Applying for Patents and Prototyping
WATCH THIS INFORMATIVE RESEARCH AND DEVELOPMENT VIDEO