The Research & Development Tax Credit (R&D) is one of the best kept secrets of the Internal Revenue Service. Many corporate executives have never even heard of it, nor understand it. If you are like most executives, you are likely underestimating – or ignoring entirely – the amount of R&D your firm performs. This means your company is missing potentially tremendous cost savings in the form of R&D tax credits.
When executives think of R&D, they imagine people in white lab coats and clipboards. They do not recognize many of their own firm’s R&D efforts, such as improvements in spec designs, modeling, technology, and infrastructure investments. Executives frequently view these activities simply as normal and ordinary business operations. In doing so they are missing the opportunity to recoup substantial expenditures as R&D Tax Credits—a dollar for dollar credit against their tax liability in addition to their normal tax deductions for R&D expenses (you can receive both a credit and a deduction!)
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If you would like to talk about whether your company is eligible for R&D Tax Credits, then get in touch with our team today.