The R&D tax credit is one of the most substantial tax incentives that businesses can take advantage of. For wineries, the potential savings could be significant. However, many are unaware that they even qualify or are not taking full advantage of the credit. National Tax Group can help wineries that fail to realize their maximum benefits understand which activities they participate in and expenses they front that qualify them for this incentive.
If your winery is involved in any of the following activities, it most likely qualifies for R&D tax credits:
- Developing wine caves
- Developing land for wine cultivation
- Creating analytic or innovative software products for production
- Creating new harvesting technologies
- Gene culturing
- New tactics for spoiling prevention
- Creating innovative systems for preservation
- New techniques for wine blending
- Packaging and bottling innovation
In order to qualify for the R&D tax credit, it is essential to understand the specific requirements and documentation that are necessary to qualify. Wineries that successfully produce and document their quantifiable research activities are rewarded with thousands of dollars to continue their work for innovation in this industry.
Companies that haven’t previously taken advantage of the credits can look back to all open tax years — typically three to four years — to claim the missed opportunity. Do you think your winery is missing out on its potential savings? Give us a call at 561.257.3436 and let us perform an assessment on your business to see if you qualify.