Mohsena Wahed CPA
Depending on the industry, did you know that many of your everyday operations might qualify for dollar-to-dollar reduction of your income tax? If your company creates products that are faster, less expensive, more durable, dependable, or precise, the R&D tax credit can help increase cash available to reinvest in your business that you would have paid in taxes. Often, business owners believe they do not qualify for this type of credit unless they are in the scientific field or have a designated R&D department. This could not be further from the truth. These “typical” companies only make up about 10 percent of all credits claimed.
Some of the most common industries are:
- Food and Beverage
- Health Care
- Life Sciences
- Oil and Gas
- Professional Services
- Software Development
In 2014, 100,000 US taxpayers claimed over $12 billion in R&D tax credits. There is no limit to the amount available to U.S. taxpayers each year, and many dollars go unclaimed. Regardless of industry, any company that develops new or improved products, processes or software could be eligible. Do not miss the opportunity to evaluate your business and find out if you qualify today by calling us at 972.888.0950!
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