Does Small Business Know of the R&D Tax Credit?
I think it would be a safe bet if I we're to say most small business are not aware of the Federal R&D Tax Credit, resulting in an untapped resource for helping you get a reward for innovating. Although the program has been around for a while, we we're ignorant of it until our corporate accountant was approached by a firm specializing in it.
The point is to encourage innovation in business, no matter your size, spurring more innovation. Not a refund on taxes but a credit to reduce your corporate taxes. For us, it was quite substantial and very much worth the hoops one has to jump through to get it. The hoops are many at first, but once you have set up the framework each subsequent year is easier.
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One need not have a research department to take part in this.The rules apply to manufacturing and processes associated with efficiency and innovation in the manufacturing process. If you are of the geeky tax type, I linked the Journal of Accountancy info on the subject below. Big Fat Finance Blog has a great post on the five reasons why you should be doing it. In addition, don't forget to check out the firm we use for our needs in that area, they are great to work with and we're very diligent in finding more processes we could use.
The bottom line, would you like to have more cash and fewer taxes so you can fuel more innovation? I thought so.
- Navigating the R&D Tax Credit Journal of Accountancy March 2010
- 5 Myths About the R&D Tax Credit www.bigfatfinanceblog.com February 12, 2010
- Our specialty tax consultants on this: Alliant Group Research & Development Credit
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Posted in Law Post Date 12/11/2014