Engineers, manufacturers, and other individuals engaging in current research and development of drone technology are eligible for R&D federal and state tax credits.
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.
Take a look at the new Advanced Manufacturing Tax Credit.
According to a recent industry report, the U.S. pharmaceutical industry spends more than $100 billion annually on research and development (R&D) activities involving the development, design and testing of new or improved pharmaceutical drugs. Many of these activities qualify for federal and state R&D tax credits; is your company taking advantage of this opportunity to reinvest in the growth of your company?
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.
Environmental Engineers perform many activities on a daily basis and may be unaware they can qualify for valuable research and development (R&D) tax credits.
Under the new law, the maximum R&D Tax Credit which can be utilized to lower payroll taxes doubles for tax years beginning after December 31, 2022. Eligible small businesses can now reduce payroll taxes by up to $500,000 annually, doubling from the prior limit of $250,000. Another significant enhancement is that the credit can be utilized to reduce the Medicare portion of taxes (before the new law, the offset was only allowed against Social Security tax). Taxpayers with credits in excess of tax liability may carry forward unused credits.
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.
R&D activity in the chemical industry sector either involves new production processes or new compositions of matter (product development). Research objectives generally include, but are not limited to, higher performing products, sustainability features, alterations aimed at regulatory compliance, and cost reductions.
Companies engaged in the design, installation, and fabrication of HVAC systems and components may be eligible to receive a significant tax credit.
