Work Opportunity Tax Credit Products
WOTC Plus Research & Development- R&D Tax Credits
Businesses in a wide range of industries may qualify for the R&D Tax Credit, including technology, ecommerce, biotech, hardware, manufacturing, and more.
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What Is the R&D Tax Credit?
The R&D Tax Credit is available to companies that develop new or improved business components. It can be claimed at both the federal and state levels, with more than 35 states offering additional credits to help offset state tax liability.
The credit is generally calculated as a percentage of a company’s qualified research expenses. These expenses may include wages, materials, and payments to third-party contractors, as long as the related work qualifies as research activity. While many of these costs are already deductible when calculating taxable income, many businesses do not realize they may also be used to claim the R&D Tax Credit.
Qualifying R&D Activities
Activities that give rise to qualified research expenditures for purposes of the Sec. 41 R&D credit can include such activities as:
Developing a new or improved product
Developing new technology
Creating a new production process
Improving current processes
Developing or improving software
Developing prototypes or models
The R&D Tax Credit Process Is Simple
- Complete the R&D Survey to determine if your company qualifies
- Client submits payroll information and documentation
- R&D Tax experts will perform an audit and generate tax credit forms
- Your CPA files the R&D Tax Credit forms along with your tax return
- Our fees are contingency based, you pay only after you use the credit.
Risk-Free, High Reward!
Don’t miss out on the R&D Tax Credit.
Is your business improving products, processes, software, or technology? You may be eligible for the R&D Tax Credit. Find out how much your business could potentially save today.
Frequently Asked Questions About R&D Tax Credit
The R&D Tax Credit is a federal tax incentive that may help businesses reduce tax liability when they invest in developing or improving products, processes, software, technology, or other business components.
Businesses in many industries may qualify, including technology, ecommerce, biotech, hardware, manufacturing, engineering, software, and more. If your company is improving how something works, performs, or is built, it may have qualifying activities.
Qualifying activities may include product development, software development, prototype testing, process improvements, technical problem-solving, formula development, and improvements to performance, reliability, or efficiency.
Qualified research expenses may include employee wages, materials, supplies, and certain third-party contractor costs directly related to eligible R&D activities.
The best way to determine eligibility is through an R&D Tax Credit review. A professional review can help identify qualifying activities, eligible expenses, and potential tax credit opportunities for your business.