Many business owners in nearly every industry are unaware that federal and state research and development (R&D) tax credit programs exist that may reward their efforts aimed at developing an improved product. The Research and Development Tax Credit is a government-sponsored benefit that provides cash incentives for companies conducting R&D in the United States. These economic credits were created to incentify technological advances and the hiring of workers to perform R&D. The R&D tax credit is for businesses of all sizes, not just major corporations with research labs, and many companies are surprised that they qualify. To assist you in determining if your company is eligible, do you:
- Employ engineers, technicians, chemists, software developers, sales engineers?
- Design and/or manufacture products?
- Develop manufacturing processes, techniques, formulas, inventions?
- Improve manufacturing processes?
- Develop software solutions or systems?
If you answered “yes” to any of these questions we are here to answer any of your questions and can assist you in determining opportunities and eligibility.
Ann Behrens, Tax Partner