Does your company invest in innovation? Research & Development (R&D) tax credits, a dollar-for-dollar reduction in a company’s tax liability, are a valuable incentive for businesses across most industries that engage in activities with the intent to improve or develop new products, processes, or software. While several eligible companies are unaware that they qualify for the tax credit, several are not claiming the entire credit to which they are entitled. Let us help you reap the benefits of factoring the R&D tax credit into your annual strategic and tax planning efforts.
How can the R&D tax credit empower your business’s growth?
- Increase cash flow, earnings per share, and return on investment
- Create a dollar-for-dollar reduction in your federal and state income tax liability
- Reduce effective tax rate
- Receive up to 12-16 cents of federal and state R&D tax credits for every qualified dollar
- Create a dollar-for-dollar reduction in your federal and state income tax liability
- Perform look back studies to recognize unclaimed credits for open tax years
- Utilize the federal R&D tax credit against payroll tax
- Carry forward the credit up to 20 years
Whether you’re a tech start-up, pharmaceutical developer, product manufacturer or even a financial services corporation, companies across all industries are taking advantage of the R&D credit to empower growth of their business. For questions about how GBQ can assist your company in reducing its tax burden while improving cash flow, contact us today.
