Free R&D Tax Credit Analysis
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Agriculture Industry Qualifying Activities
Today, agriculture and technology work hand-in-hand. In fact, if you’re in agriculture, you’re probably engaged in activities right now than could win you substantial federal and state tax benefits in the form of research and development (R&D) tax credits.
Agricultural Expenses That Qualify
- Employee wages: W-2 wages for employees involved in R&D related activities
- Supplies: The cost of supplies consumed or used in the R&D process
- 1099 contractor expenses: The cost of contractors used in support of R&D-related activities
Example Qualifying Activities
What agricultural research activities qualify for the credit?
1. Developing new or improved:
- storage techniques
- conveyance systems
- products or processes to maximize yield
- software
- irrigation technologies
- techniques or equipment to minimize environmental impact
- methods of protecting crops from disease
- irrigation systems
- disease-resistant crops or livestock
- ways to prevent or control disease or insect pests
- gene transfer technologies (such as the DNA engineering of high-end bull semen)
- automated processes
- an innovative product or process
- livestock feeds or feeding techniques
- new breeding techniques
- new cultivation techniques
2. Testing:
- new or improved planting or harvesting techniques
- new or improved chemical additives or fertilizers
- new feeds or feeding techniques to improve livestock health or growth
- new soil blends, introducing new pH levels, mineral content, or nutrient density
- new techniques or products to prevent disease or pest damage
- Hybridizing or developing of new strains of crops, plants, or livestock
- Implementing precision farming techniques to increase yield and/or production efficiency
- Experimenting with new or different fertilizers
- Evaluating and implementing new techniques to increase yields
- Improving harvesting techniques
- Implementing new equipment to improve harvest cycle times
- Optimizing the treatment and management of farm wastes in an energy-efficient manner
- Designing and implementing biosecurity practices via facility cleaning and disinfection
See If You Qualify
Last year, the IRS made its reporting and record-keeping requirements for R&D tax credits much, much stricter and complex. As a result, it’s to your benefit to only rely on a specialized company with both engineering and accounting capabilities that can undertake a full-fledged technical study.
Getting an R&D Tax Credit Analysis to see if you qualify is the first step!
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Case Studies R&D Tax Credit
R&D Tax Credit Case Study for Specialty Manufacturer in Oregon
1 Year Tax Savings: $18,078 (Federal Only) Study Highlights Wages $525,358 Supplies $26,953 Rental or lease of computers 27.5-Year Contract Research $11,760 Total Qualified …
R&D Tax Credit Case Study For Specialty Manufacturer in New York
1 Year Tax Savings: $18,078 (Federal Only) Study Highlights Wages $358,407 Supplies $26,953 Rental or lease of computers 27.5-Year Contract Research $14,227 Total Qualified Research …
R&D Tax Credit Case Study for Software Developer in Texas
1 Year Tax Savings: $72,430 (Federal Only) Study Highlights Wages $1,342,919 Supplies $0 Rental or lease of computers $0 Contract Research $0 Total Qualified Research …
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What Does Section 174’s New Amortization Rule Mean for R&D Credits?
Future changes to the way companies can take deductions from research and development expenses may make investing in innovation more difficult, particularly for small businesses …
TAX ALERT: IRS may extend the transition period for compliance regarding research credit refund claims
IRS Update *** The IRS is extending for another year (through January 10, 2024) the transition period during which taxpayers are provided 45 days to perfect a research credit claim for refund prior to IRS’s final determination on the claim. A recent comment by an IRS official indicating that the agency may extend the … Read more
New York State Offers a Life Sciences Research and Development Tax Credit
You may know that life sciences are eligible for federal research and development (R&D) tax credits nationwide—but did you know that New York State offers …