Reward Innovation in Business With Profitable Tax Credits
The Research and Development Tax Credit provides significant earnings for businesses across the United States who undergo research activities to improve or develop their products, processes, or software. This tax incentive that was introduced through the Economic Recovery Act of 1981 offers reimbursement for business activities and resources that were utilized during the research. This is eligible through both State and Federal R&D Tax Credits. To learn more about R&D Tax Credits specific to your industry, click here.
The money earned back in the form of credits can be used to offset the costs spent performing the research and development. This cash incentive promotes innovation within businesses and encourages them to take risks, be creative, and to become leaders in their industry. Despite the previous notion that R&D tax credits are only applicable to companies in the high-tech, biotech, and pharmaceutical industries, the credit is available to any business that performs qualifying research activities. Businesses are no longer required to strictly develop a product or process that is unique to their industry; it only needed to be unique to them.
National Tax Group assists companies of all sizes and industries in obtaining R&D credits by providing reliable documentation that will withstand any level of IRS and state authority scrutiny.
In order to benefit from R&D, all research activities performed by qualifying companies must be thoroughly documented. Our team of tax-saving experts will create and provide the needed documentation.
Businesses across the United States are able to take advantage of the R&D Tax Credit. Each state allows businesses performing qualifying research activities to take advantage of the credit on a federal level, which provides a significant tax reduction to current and future tax liabilities.
Some states also allow the credits to be taken advantage of on a state level. State level credits provide similar benefits to the federal tax credits, with additional perks.
All 50 States Can Benefit from Significant Federal Tax Credits from R&D Activities
What Qualifying Activities Could your Business be Taking Advantage of?
If you are not sure if the activities you want to claim to qualify your business for the R&D tax credit, National Tax Group will be able to give you a quick and free assessment to make it easy on you. A few examples of activities that qualify are:
- Designing New Plans or Layouts for Buildings
- Creating New or Improved Products or Formulations
- Enhancing the Functionality of Existing Products or Formulas
- Creating New or Improved Processes within Production or Execution
- Assisting Customers with Troubleshooting Technical Issues
- Creating New or Enhanced Software to be Used or Sold on the Market
- Applying for Patents and Prototype Development Costs
Let Us Do the Hard Work
With over 20 years of experience helping clients through tax deductions, National Tax Group has fine-tuned a proven process for our clients. Partnering with National Tax Group means that we will:
- Perform an assessment in order to thoroughly understand how your company develops its products, processes, or software
- Prepare detailed written claims that will also benefit future claims
- Perform a feasibility analysis to calculate the actual cost of research and development
- Provide assistance with all tax forms and return preparation
- Document the eligible expenses and activities
- Assist & manage exams and appeals
- Calculation review
- Cost review
- Future planning
- Examinations appeal and support