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.
Apparel manufacturing companies are also eligible for the research and development tax credit for any activities relating to creating new and or improving existing manufacturing processes.
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.
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.
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.
