Time to Review your Eligibility for Tax Credits
Smaller businesses are the ones who can benefit most from the permanent extension of the federal research credit, a change that will greatly enhance the value of the program for all companies. New provisions can offset the Alternative Minimum Tax as well as some payroll taxes. These two changes greatly expand the number of companies that can benefit from this important incentive program.
At Tax Credit Advisors, LLC, we have over 15 years of experience helping companies of all sizes to maximize their R&D tax credits.
Two major new provisions are of particular interest for small businesses:
1) Companies with annual sales revenues under $50 million can now use the credit to offset the Alternative Minimum Tax.
2) Companies with revenues under $5 million per year may be able to offset some payroll taxes, even if they have no taxable income from operations.
These changes greatly expand the number of companies that can benefit from this incentive program. Even if you haven’t been able to participate from this program in the past – or have assumed that your engineering, manufacturing, or software company was too small to qualify – consider calling Tax Credit Advisors, LLC, to discuss how the recent changes might affect your bottom line.
Many small businesses are under the incorrect assumption that they are not qualified to participate or even apply for research and development tax credits. There are a variety of myths surrounding research and development tax credits that we can dispel, including the assumption that your business is simply too small to qualify.
As always, the key to successfully claiming the R&D tax credit is the supporting documentation. The staff at Tax Credit Advisors will work with you to identify qualifying activities, gather the necessary information, and prepare the required technical reports and financial documents.
Don't leave money laying on the table!
Don't believe the myths - no business is too small to claim their portion of research and development tax credits. We can help you see if money is owed to you at no obligation to you. Schedule your complementary consultation today.