80% of Research & Development Credits Are Not Claimed
You May Be Eligible. Companies with employees or contractors who innovate by designing new or improved products, processes, or software may be eligible to claim research credits for tax savings.
Think Contemporary. When people think of R&D, images of a science lab may come to mind. While that is one of the purest examples of research and development, the application of the rules on R&D can be much different. It encompasses and rewards change, refinement and improvement. If you are making changes or planning to refine processes those may be qualifying steps.
The Research Credit is an Activity-Based Credit. Activities must meet four tests to be qualified for the credit. We can quickly evaluate if your business has qualifying activity. Most businesses are working to improve their processes, products and services. They may be adopting new technology, changing how they build products, deliver services or be refining processes used to operate their business.
Typical Results. On average, companies obtain research credits of 5% or more of the qualified research expenses.
Next Steps. To discuss if you may be eligible for credits, please contact Caleb Lendy at 847.947.0975.——————- Disclaimer: The information contained in this Blog (the “Blog”) is intended solely to provide general guidance on matters of interest for the personal use of the reader, who accepts full responsibility for its use. In no event will BB or its partners, employees or agents, be liable to you or anyone else for any decision made or action taken in reliance on the information in this Blog or for any consequential, special or similar damages, even if advised of the possibility of such damages.