The Research and Development (R&D) Tax Credit was not established for just large companies with employees working in lab coats. This government sponsored tax credit is available to help businesses of all sizes that employ engineers, outsource product testing, or invest in the development of a new or improved product, software or other process. If qualified, it can reduce both Federal and State income tax, allowing businesses to reduce their tax burden, dollar for dollar, by the amount of the credit.
Mann, Urrutia, Nelson, CPAs specializes in providing R&D Tax Credit services and can help determine if you have expenses that qualify – not only for the current year, but for the past three additional years. At the federal level, R&D tax credit rules allow eligible taxpayers to review to all open tax years (normally three years plus the current year) for potentially unclaimed R&D credits.
Contact us today to speak to our Research & Development experts and see if you qualify. We look forward to the opportunity to earn your trust.
To learn more about how research & development credits can work for your organization, please take a look at the following presentation by Neil Beeman, CPA.