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.
The manufacturing industry has increasingly embraced data interconnectivity as a way of achieving greater efficiencies and meeting customers’ needs. Manufacturers of all sizes are integrating the Internet of Things (IoT) – the connection of devices to the internet and each other – and other “smart” manufacturing technology into their daily operations. Yet as they do so, they are also exposing their operations to greater security vulnerabilities.
Those who work in the construction industry are likely seeking ways to reduce their tax liabilities. Fortunately, there are two great ways construction companies can save thousands to millions of dollars—the research and development (R&D) tax credit and the 179D energy tax deduction.
Most contractors in the construction industries, including HVAC companies, don’t know that their day to day activities can qualify them for federal, and in some cases state, R&D tax credits.
Efforts made to design and develop new products and manufacturing processes for improved performance and efficiency in the tool and die industry can qualify for research and development tax credits.
Companies performing research and development (R&D) activities in the state of Florida may be eligible to receive state R&D tax credits with certain qualifications.