Tax tip: (Did you know?) These production processes may be eligible for R& D Tax Incentives:
- Reducing Labor Costs
- Reducing Manufacturing Times
- Performing Alternative Material Testing.
Far too many manufacturers fail to understand that they may qualify for the Research & Development tax credit – the largest tax credit provided to business by the federal government (approximately $12 billion a year).
R&D tax credits provide cash incentives for companies conducting R&D in the United States. The purpose of these incentives is to encourage research and development in a wide variety of industries and for businesses of all sizes. The government has recently expanded its list of eligible industries—including software development, IT, engineering, tooling and many others—which means more businesses can benefit from these tax credits.
Given the significant funds available in the form of R&D Tax Credits, it is worth exploring if your business qualifies.
Ron Leger is a Massachusetts based CPA who specializes in the R&D Tax credit and taxes for businesses, individuals, trusts and tax exempt organizations. Contact us today!