Jason George CPA
The Research and Development (R&D) tax credit is often thought of as a credit created for research done by scientists with white lab coats in a laboratory. This is simply not true. In 2003, the IRS relaxed the rules for claiming the credit which opened it up to a wide range of industries, including architecture firms.
How does getting a significant tax credit for something that you already do sound?
Generally, architecture firms spend more than half of their time on activities that qualify as R&D expenses. These activities include:
- Developing conceptual/schematic designs
- Designing and developing functional site plans and elevation drawings
- Developing construction documents
- Designing and developing energy efficient designs and features
- Designing and developing unit building shapes, forms, and facades
As you can see each one of these activities is a large part of the projects that architecture firms work on daily. Let the government pay you for your work!
To claim the credit, you must meet certain requirements outlined in IRS §41. Let PriceKubecka help you identify your R&D tax credits and help you get money that is rightfully yours.
More Insights
R&D Tax Credit Studies: The Elimination of Uncertainty Test
Jasmine Inge99 percent of people would agree that by improving the look of something you make it better than it was....
401(k) Plans Can be a Business Owner’s Best Friend
Jaime NicholsMany small business owners see a 401(k) as an unnecessary expense they may not be able to afford....
R&D Tax Credit Studies: What is the Permitted Purpose test and why does it matter?
Jasmine IngeMany people hear about all the ‘work’ associated with completing a research and development (R&D) tax...
Is the Research and Development (R&D) Tax Credit Worth the Hassle?
Jasmine IngeIn a world where technology reigns supreme, more people than ever could qualify for the research and...