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Does your manufacturing business improve a process or product for the automotive industry? Do you work to make an automotive product cleaner or more efficient? Or, perhaps you provide technical solutions that make production work more efficiently. If you are conducting any of these activities, are you taking advantage of the research and development (R&D) tax credit?
What are Qualified Research Expenses (QREs)?
When you think about it, packaging is essential for any product being sold. From storage to transport to the end user, package designers seek ways to advance the quality, functionality and safety of their products—all within compliance of regulatory guidelines. Many package designers would be surprised to discover that many of the activities they already are conducting qualify for valuable tax credits.
Choosing an R&D tax partner that can work seamlessly with your firm can offer great value to both your firm and your clients. Here are seven important qualities to keep in mind when choosing the right R&D expert.
Software development is often overlooked when it comes to research and development (R&D) tax credits, which is rather ironic when you think about the innovation, creativity and invention that is such an intrinsic part of this industry. Any time your software company makes improvements to products or processes, there is a good chance that your activities may qualify for valuable R&D tax credits that can greatly reduce your tax burden.
Many of the activities conducted by architecture firms qualify, and the benefit can mean tens of thousands of dollars in tax savings.