Research & Development Tax Credit
Advice that illuminates the opportunity for many business types to take advantage of R&D tax credits.
The Research & Development (R&D) tax credit rewards taxpayers for engaging in qualified research activities (QRAs) by providing a credit for a portion of their research expenses. If the activity in question can pass a simple four-part test, then it would be considered a qualified research activity and included in the computation of the R&D Credit, even for companies such as manufacturers, software and technology firms, food and beverage companies, and construction companies.
Our advisors guide you through each step in the process, from studying your activities and defining your QRAs to calculation and filing of your tax credit. We’ll help illuminate key tax savings opportunities by leveraging processes your business is already performing.
The credit can apply across a wide variety of business types and their industry-related activities, such as:
- the development of new bottling techniques at a brewery
- the improvement of processes at a manufacturing plant
- prototyping and modeling activities
Complete the form below to get in touch with our R&D Tax Credit advisors and find out if your business may qualify.
A behind-the-numbers view of best practices and holistic thinking.
Although the R&D credit is for any U.S.-based business that develops, designs, or improves products, processes, formulas, or software—something food, beverage, and agriculture businesses do each day—many have yet to apply for it. Most business owners assume it is only for research labs or large corporations. But this is far from the truth.
If you’re planning to claim the R&D credit for the tax year 2020, here’s what you should know about the possible impact of the Paycheck Protection Program and Employee Retention Credit.