Biotechnology companies are continuously undertaking qualified research activities to solve the greatest challenges facing our society. Whether it’s finding a cure for cancer, protecting against bio-terror threats, or creating renewable energy sources, biotech and life science companies can take advantage of the R&D tax credits for their qualified research expenditures associated with these activities.
If your company operates in the medical equipment manufacturing industry, there is a strong chance that you would benefit from an R&D tax credit study.
Companies utilizing nutritional science across the U.S. in the fields of food processing, laboratories, hospitals, health food producers, vitamin and dietary supplements are just some candidates for the R&D tax credit.
Now is the perfect time to switch to an R&D credit and tax incentives firm you can trust. It’s essential to remember that there are very important quality differences between different advisory firms. Tax Point Advisors provides services and solutions for all your specialty tax credit and incentive opportunities, and, working coast to coast with businesses for more than a decade, our advisors have proven they know that trust is earned.
Business owners across all industries could be missing out on potentially tens of thousands of dollars, all from not knowing enough about the Employee Retention Tax Credit (ERTC). Although the eligibility period for the credit was ended retroactively to the end of the third quarter of 2021, the time frame for making a claim under the program will continue for at least three years. This is great news for the many companies across the United States that did in fact qualify for the credit but didn’t know they qualified. There’s still time! Businesses can still claim their tax credits retroactively.
The federal tax code has included R&D tax credits to businesses for more than three decades. Contrary to a common misperception, however, R&D tax credits are not limited to scientists and laboratory-based researchers. In fact, many of the activities conducted by architecture firms qualify, and the benefit can mean tens of thousands of dollars in tax savings.
Small Business Week, which runs now through May 6, is an excellent time for Tax Point Advisors to remind small businesses of an outstanding opportunity to claim valuable tax credits for eligible R&D activities.
Does your dairy company undertake activity intended to develop a new or improved product or process for yourself or your customer?
At first glance, it may seem unlikely that the poultry industry would have much in common with federal and state research and development (R&D) tax credits. After all, for years, R&D tax credits have been associated with large manufacturing, high-tech and medical companies. However, businesses engaged in the poultry industry are ripe with qualifying opportunities for valuable tax credits associated with the activities they conduct for improved products and/or processes.
If your company conducts activities within the winemaking industry there is a strong likelihood that your company can take advantage of the R&D tax incentive.
