With the growing legalization of recreational and medicinal marijuana comes the increase in the demand for marijuana farms, pharmaceutical companies, and dispensaries. These companies are regularly coming up with more efficient methods of creating the products, and these innovations can often result in qualifying for the R&D tax credit.
Companies across various industries are able to take advantage of the R&D Tax Credit by offsetting their earned credits against costs their company spent performing research activities to develop or improve their products, processes, and software. Even though the R&D credit was created to boost innovation within United States business and is an extremely lucrative credit, it has not always been a reliable tax break and has only recently become a permanent credit.
Architects and designers are able to take advantage of the R&D tax credit, which rewards significant credits to companies that perform qualifying research activities in order to develop or improve their products, processes, or software. Many companies within the architectural industry fail to take advantage of the credit simply because they are unaware that they can qualify. Architects are frequently working on projects that seek to advance the science or technology of their designs.
Reduce taxable income and invest money back into your business. Read more about how hotel owners can significantly benefit from having a cost segregation study performed.
Any business in the United States that is performing qualifying research and development activities can benefit from the Research and Development Tax Credit.
Qualifying hotel owners that have installed energy-saving systems into their buildings can reap up to $1.80 per square foot.