Any company that develops new or improved products, processes, or software—in some cases, whether profitable or not—may qualify for these lucrative credits. Wondering if you are eligible to take advantage of lucrative research credits that could cut your federal and state tax liability? Find out here!
When it comes to research and development tax credits, certain costs related to wages, supplies and contract research are eligible. Often, though, taxpayers — and more specifically, the engineers doing the work — overlook various processes and routine work that can be tapped for extra tax savings.
R&D credits aren’t limited to what’s never been done before. Yet, each year, corporations and pass-throughs across industries fail to claim R&D tax credits because they aren’t aware of how few eligible employees are necessary to claim the credits or the many day-to-day activities that qualify for dollar-for-dollar reductions in income tax liability.
Check the chart below to determine whether you are eligible for R&D credits. TaxOps Minimization puts R&D credits within reach.