Many of the activities conducted by architecture firms qualify, and the benefit can mean tens of thousands of dollars in tax savings.
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.
Thanks to everyone at the MassCPAs Federal Tax Camp!
Because of the law change derived from the Tax Cuts and Job Act of 2018 (TCJA) requiring all IRC Section 174 costs to be capitalized, taxpayers must ensure that they are both compliant with the new law and also take appropriate actions to minimize their increased 2022 tax burden. Unless Congress acts to repeal or delay this new requirement via new legislation or a tax extender bill, this change effects 2022 taxes.
While the Tax Cuts and Job Act of 2018 (TCJA) will have a profound impact on taxpayers filing their 2022 tax returns, the new law change should not have the same impact on the manner in which the taxpayer will compute the R&D tax credit.
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.
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.
Developing new Artificial Intelligence (A.I.) and robotic technology as well as improving on past technologies requires research and development. Companies can and should be utilizing R&D tax credits during their innovation process in the development of any new Robotics or A.I. products and technologies.
Engineers, manufacturers, and other individuals engaging in current research and development of drone technology are eligible for R&D federal and state tax credits.
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