Capturing available incentives and tax credits
There are many tax credits and incentives available for businesses today.
These credits may help offset your costs as well as lower your effective tax rate. For many of our clients, it may be difficult to identify and capture all the available business incentives. Our professionals have experience with a variety of credits including business incentives, economic development, employment credits as well as research and development credits.
With a growing business, there may be opportunities for economic development incentives:
- Identify available credits
- Monitor and manage screening compliance and form compliance
- Submit forms to state agencies for tax credit certification
- Calculate credits
- Document eligible expenses and produce a detailed audit trail
Research and development tax credits
The R&D tax credits are available to a wide variety of industries at both the Federal and, in most cases, the state level. The incentives are designed to encourage U.S. companies to maintain their competitive advantages through continued innovation and improvements. The credit applies to a number of areas within your business, including some salaries, materials, and contract services for qualified activities. A number of elements in the manufacturing and distribution field may be eligible for an R&D tax credit claim.