Trying to find ways to save on your taxes and reduce your federal and state liability? The R&D Tax Credit is designed to give back to companies who favor creation, invention and experimentation. The automotive industry, in particular, is in a good position to reap the benefits from this credit. As much as 30% of the United State’s research and development for automotives and heavy-duty manufacturing is done through the suppliers who create parts and components for motor vehicles. That means there’s a lot of room for the automotive industry to earn tax credits.
However, it can be daunting to navigate the complexities of the tax system. Fortunately, Tax Credit Advisors is here to help! Consider the examples below; if your business is engaging in any of these innovative efforts, you may be eligible for a claim:
- New part designs or revisions to old ones to improve performance
- Improving mechanical designs to ease manufacture
- Efforts to improve environmental safety, or worker safety
- Reductions in scrap or rework rates by experimenting with improved methods
- New or improved tooling or equipment
- More efficient and reliable machine control software
If your automotive business is engaging in any of the above, or has other projects, experiments and research in the works, the R&D credit could put more money back into your company. With Tax Credit Advisors’ extensive knowledge and experience of finding credits and helping to approve claims, it is well-worth your time to request a consultation and see how Tax Credit Advisors can use your innovations to help you save money.
To arrange a FREE tax credit consultation, please contact us now, or call us at 508-842-3232 (US) or 774-696-3310 (Canada).