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.
If your company operates in the water treatment industry there is a good chance that you would benefit from the R&D credit.
If your company is conducting 3D printing research and development activities, you may qualify for and benefit from R&D tax credits.
Engineers, manufacturers, and other individuals engaging in current research and development of drone technology are eligible for R&D federal and state tax credits.
Bakers and chefs utilizing 3D printing should be taking full advantage of the R&D tax credits offered by the IRS.