Business can take Advantage of Research Tax Credit

What Activities Qualify?
These credits reduce you tax burden and are a direct dollar for dollar impact to your tax return. Both Federal and State credits are available and should be utilized. These credits will help you keep ahead of the rest of the world by using these dollars to invest in future innovation and technology.

A vast list of companies and different industries do work that would qualify them for these research tax credits. So many companies do not understand that what they are currently doing in their operations daily will qualify. If your company puts any effort doing the following you may qualify for Research Tax Credits

• new or innovative products
• improvement of existing products
• original processes
• patent development
• software development
• design and engineering staff.

Qualified costs such as supplies labor and contracts used in development process may count for federal and state Tax Credits. Check IRS Code Section 41 for more info.

Research Tax Credits-very few companies qualifying for the federal and state credits are actually claiming these tax incentives. If your company is actively developing new products and processes then more than likely you are conducting qualified research and development.