Research And Development Tax Credit
The R&D tax credit is a treasure trove buried in the tax code. It directly reduces taxes dollar-per-dollar at the bottom line. Despite its benefits, many business owners are not sure if they are eligible for the R&D credit. In some cases, they have never heard of it even though the R&D credit has been around since 1981. It was introduced during the Regan administration to stimulate innovation and incentivize technological advancements.
R&D credits take into account various types of activities, including designing efforts, manufacturing, researching, testing, prototyping, software coding, and business processes. The activity needs to be rooted in the hard science, such as the chemistry, biology, physics, computer science, and engineering. Common industries are aerospace, computer programming, medical devices, packaging, robotics.
Sky Law maximizes the benefits of R&D credits by identifying all qualifying activities. With our expertise, we assist businesses in developing a tax strategy that strengthens the owner’s financial position and accelerates growth. Let us uncover the potential benefits for your business.
Legal Counseling Services Include
Empowerment Zone Credit, Fuel Credits, Work Opportunity Tax Credits, California Competes Credits, Cost Segregation, Audit Representation, and Appeals
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