Research and Development Tax Credit and the Tool and Die Industry

Machinery RepairIf you work in the Tool and Die industry, the chances are very good that you and your company are working on projects that qualify for the federal Research Credit and possibly for state credits as well. These credits are available to businesses that work to innovate — developing new and improved products, processes and equipment in an effort to satisfy increasing demands from customers for better and better product design, processing capabilities and cost effectiveness. Many companies in this industry don’t think they are engaged in qualified research, but they often are eligible. Efforts to improve tolerance, reduce cycle time, minimize maintenance time and so on are every bit as eligible for tax credit support as companies devoted to rocket launches and more capable software. Fortunately, Tax Credit Advisors can help! Well versed in the ins and outs of the many tax credit programs available throughout the US and Canada, we can assist you and your company in identifying the daily functions your company is already doing that could help earn credits and save money.

Not sure whether your company is engaging in qualifying activities? Consider whether your company is engaged in any of the following activities:

  • Develop or improve tooling designs
  • Attempt to improve performance of existing equipment without increasing unit costs
  • Create new, improved or more reliable products, processes or control software
  • Create prototypes, models or test articles
  • Attempt to streamline manufacturing processes
  • Develop or improve upon manufacturing processes, software, or related hardware
  • Create new equipment or improve existing equipment
  • Experiment with new materials
  • Develop improved jigs, fixtures, dies, tools, gauges and similar devices and methods

If your business has engaged in any of these activities, you could qualify for significant tax credit support. Call Tax Credit Advisors today to schedule a free consultation. We will assist you through the credit documentation process, and help achieve approval for your claims.