Research & Development Tax Credit
Have you checked your eligibility?
Over $14 billion is distributed annually to recipients of The R&D Tax Credit. This is an often misundersood
The R&D Tax Credit is a credit on your income tax return, not a deduction. That means, dollar-for-dollar, you can reduce your tax liability and deduct eligible R&D expenses. The credit can be used for all open tax years, meaning the last three years, plus the current year. Additionally, you can carry forward any unused credit for up to 20 years, making the credit beneficial year after year, aiding in improving cash flow and earning power for years to come.
Does My Business Qualify?
If you're asking yourself this question, you are not alone. The R&D Tax Credit has evolved over the past forty years and is no longer limited to highly technological industries. It now applies to all companies in all industries.
There is a list of what the IRS calls "Qualified Research Expenditures" or QREs. This list of activities and expenditures is what the IRS bases qualification on. If your business performs any of these activities, or expeditures you could qualify.
The R&D Tax Credit has moved beyond white lab coats and beakers into the everyday companies and it's time you took advantage of it.
Do you have employees that?
Manufacture a product?
Develop a software?
Perform quality assurance or testing?
Do engineering, machining, or design?
Perform tasks technical in nature?
Over 40 Industries Qualify For The R&D Tax Credit
The R&D Tax Credit offers businesses in over 40 industries the ability to capture these funds. Don't miss out on your opportunity. Here are just a few of the industries that may qualify. If you do not see your industry listed check with our team.
Common Misconceptions About The R&D Tax Credit
Understanding tax credit eligibility can feel overwhelming and confusing. More often than not, day-to-day operations are time-consuming and take precedence over everything else. In addition, industry was hit hard by COVID-19, which is why there has never been a more critical time for business owners to determine which tax credits they are eligible to receive—the potential benefit is too great to pass up.
My Business Won't Qualify
Many business owners assume that since they are not a manufacturing or tech company building a new product or service, they don't qualify. This is a myth! This credit can be claimed by any company that has taken the initiative in the field of research and development and optimized its technique, technology, product, service, equipment, composition, and so on. The list of qualifying expenditures is long. It's not about what industry you are but what you do daily.
AMT Will Keep Me From Claiming R&D
AMT restrictions did prevent qualified companies from utilizing 100% of the R&D Tax Credit before the PATH Act was enacted in 2015. The PATH Act allowed those who have pursued qualified activities and their business earning gross receipts of $50 million or less to qualify for the R&D tax credit against their AMT to lower their tax burden.
We Already Filed Our Taxes
You can retroactively claim the R&D Tax credit for up to three years in addition to your current open year to take advantage of the credit. Additionally, you can claim R&D recurrently on an annual basis if you continue to have qualifying expenditures. When working with a team specializing in this credit, they can walk you through all the nuances of the credit to ensure you get every penny you deserve.
"I was on the verge of laying off over half of my employees and closing a full shift. Without the R&D Tax Credit that [Snapshot Business] helped me redeem, I don't think this company would still be here. It's a three-generation family-owned and operated manufacturing company. We now do R&D annually, and it's been a gam changer."
Only One Step Away
Step 1: Upload Your Documentation
This is the only step you need to do. We will take care of the rest. Simply answer a few questions and submit your quarterly payroll reporting using a secure online submission form.
Step 2: We Calculate, You Claim
Our team will examine your submission and calculate your R&D credit, providing you with a R&D claim report that your CPA will file with your tax return to claim your credit.
Step 3: Earn Tax Credits Continuously
R&D is just the beginning. The Tax Management System will continue to search for all available tax credits and incentives for your business on an ongoing basis. Let us find you every penny you're entitled to!
Get started with an established industry leader and claim your funds now.
By leveraging government tax credits, businesses can continue expanding operations and accelerating their industry presence. As an industry leader for over twenty-three years, we have identified over $37B in incentives for our clients. Let our expertise work for you. Our team of professionals will navigate the process for you and get your tax credits immediately.