By Jeff Bronswick, Managing Partner of Bronswick Reicin Pollack, Ltd., CPAs
Did you know that you can claim a tax credit for expenses incurred in the development of new, improved and more reliable products, processes and formulas?
This often overlooked incentive is available to new and long-established businesses and for new and expanding research and development with new simplifications and benefits. The credit is equal to 20% of eligible expenditures in excess of a base amount and has been increased for businesses that acquire other companies.
Contact your BRP professional if you believe your company may qualify.
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