Many small and mid-sized businesses in the Medical Instrument industry don’t realize that their efforts to generate new and improved products can be eligible for the Research and Development (R&D) Tax Credit. The R&D Tax Credit is awarded to businesses who attempt to create innovative improvements for new and old products, conduct research, and experiment to grow and expand on current technologies. This government credit encourages creativity in our native industries, and can save many companies a good deal of money in the process.
Some examples of qualifying endeavors in the medical industry include:
- Inventing new product development and design
- Improving on second-generation products
- Developing new computer control programs
- Developing and improving equipment to satisfy new regulatory requirements
- Conducting tests to satisfy regulatory requirements
- Conducting unit, integration, functional, and performance testing
- Creating prototypes of new products for testing and validation
- Working with robotics
- Designing new electrical equipment
The Medical Instruments sector is especially fruitful in innovation by its very nature, creating new tools to meet the needs of our expanding medical field and streamlining older equipment for easier and more effective use. There are so many opportunities to qualify for the R&D credit, in fact, that even the companies who apply for these credits often miss some of their available opportunities, losing out on significant incentive funding. You might be surprised to learn just how much your company can save, and return right back into growing your business.
Contacting Tax Credit Advisors is an important step in realizing your business’s full reward
potential. With in-depth knowledge of the R&D Tax Credit, Tax Credit Advisors can assist in identifying your company’s claim-worthy endeavors and guide you through the claim preparation process. Contact us today to arrange for a consultation.
To arrange a FREE tax credit consultation, please contact us now, or call us at 508-842-3232 (US) or 774-696-3310 (Canada).