R&D Tax Credit for Architects
Architectural firms often do not realize that they are eligible for the R&D tax credit. This Research tax credit allows companies to realize tax savings, increase cash flow and stay competitive in the marketplace. Many of the qualifying activities are considered day-to-day operations for the construction industry.
The benefits can be significant and are efficient to realize through our services. The R&D tax credit can provide a hidden but immediate source of cash for architectural firms from prior years, plus a significant reduction to current and future years’ federal and state tax liabilities.
To qualify for the R&D Tax Credit, you will need to meet three cost components:
- Expense of direct wages;
- Expense of supplies consumed; and
- Cost of contract research.