What is the R&D Tax Credit?
Why was the R&D Tax Credit created?Congress created the R&D Tax Credit in order to help encourage innovation by alleviating some of the inherent economic risk that often comes with developing new products or product lines, exploring or chasing new business, or developing new or improved methods for manufacturing.
Also, allowing all taxpayers across all industries, regardless of entity type, to be able potentially to benefit from the R&D Tax Credit only bolsters domestic employment opportunities and strengthens our nation's manufacturing sector, ensuring its competitiveness in the global market. |
What does the IRS consider R&D?
It is actually MUCH broader than most people think. Who can benefit from the R&D Tax Credit?Any taxpayer, regardless of entity type (e.g. Corporation, Partnership, Sole-Proprietorship) investing manpower, supplies, & contractor costs in an effort to develop new or improved products or manufacturing processes within the US and its territories has the potential to benefit from the R&D Tax Credit.
YES, what many companies do on a daily basis could lead to potential dollar-for-dollar savings on their tax liability for current & future tax returns as well as potential money back for credit not claimed in prior years. Why should I take advantage of the credit?
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Most Common Industries that Qualify for the R&D Tax Credit
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