Tax Strategies, R&D Tax Credit -
Don't Miss the Opportunity!
The Research & Development Tax Credit can provide, among other things, a hidden and immediate source of cash for many small and mid-sized companies as well as a significant reduction to current and future year’s federal and state tax liabilities.
The IRS finalized regulations that made it easier for a wider variety of companies to qualify their activities as R&D for tax purposes. These final regulations allow eligible taxpayers to “look back” to all open tax years (typically 3 years plus the current year) for potential refund claims for credits that were never claimed.
Many taxpayers tend to regard “R&D” as an activity associated solely with high-tech, biotech and pharmaceutical type companies. We have found that many of our clients tend to regard their own efforts to make new, lighter, stronger, cheaper, more reliable products, or to make more precise, more economical and more versatile processes as “just doing my job.” when in fact they have been performing activities which qualify for the R&D Tax Credit.
If your company has invested time, money, and resources towards the advancement and improvement of its products or processes, then you may qualify for the R&D tax credit.