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The Research & Development (R&D) tax credit for companies in Chicago, Illinois is one of the most significant domestic tax credits for maximizing a company’s cash flow and bottom line. Nevertheless, when it comes to the R&D tax credit, cash is left untouched all the time.
What is the R&D Tax Credit?
Innovation is the key to remaining competitive. As a result, the federal government rewards businesses for taking risks by allowing the tax credit as a way to reduce federal taxes and many Illinois state taxes as well.
But all too often, innovative companies don’t realize that qualifying doesn’t always require something new to the industry, it could simply be new to you! It is not required that the work being performed revolutionize the industry or advance the field as a whole. The product or process must simply be new to the taxpayer.
You don’t need to be a manufacturer to qualify. Companies of all sizes in a wide range of industries throughout the United States have used the R&D tax credit including:
In reality contractors, job shops, tool & dye shops and plastic mold injection companies are all potentially viable candidates.
What qualifies for the Research & Development Tax Credit?
Many activities can qualify for the R&D tax credit, including:
Illinois State and Federal Benefits
Even if Chicago, Illinois companies have claimed the R&D Tax Credit in the past, they frequently do not claim the entire credit to which they are entitled, simply because they do not understand what qualifies or do not have the processes in place to properly document the credit.
Without competing for your accounting work, we can help you and your clients identify and capture the R&D tax credit and increase cash flow for all involved. Credits for qualified activities are available in addition to deductions. The credit is a dollar-for-dollar cash offset against your taxes and can be significant if properly pursued. Our experience, approach and methodology will not only identify the most credits that you are eligible to claim, but more importantly, will ensure that you retain the credits. Contact ETS for further information at 800-236-6519 or email here.
State Tax Credit Resources:
Our dedicated team is committed to preserving your rights to claim federal and state R&D tax credits. ETS will show you how to take advantage of this significant tax benefit and ensure you retain those credits.
We perform a complimentary assessment to help determine prior year credits and project current year opportunities. Fill out the form to the right to start your free analysis.