“We’re not a high-tech company. We probably don’t qualify.”
Nothing could be further from the truth! R&D tax credits apply to virtually any industry—from toothpicks and coat hangers to biotechnology. If you’re developing a new process or product, or improving an existing one, you could qualify. The same is true if you have devoted resources to evaluating a new technology, investigating new materials, improving machinery or tools, developing and implementing lean manufacturing techniques or improving the environmental impact of your processes. Any of these activities could qualify your company for significant benefits. We can show you how.
“My company is too small to be considered for these credits.”
This is one of the main reasons that so many millions of dollars in available credits go unclaimed. Large and small companies alike can benefit. For example, one of our clients with only 30 employees received state and federal refund checks totaling well over $100,000. Can you imagine the impact these credits could have on your bottom line? Your company may not be too small for research and development tax credits.
“We looked into this a few years back. We didn’t qualify.”
Regulations for these credits are constantly changing on both federal and state levels, and activities that did not qualify in the past may be eligible today. In fact, recent legislation has lowered the IRS “discovery” hurdle, so many additional taxpayers can not only start receiving these credits, they can actually recover overpaid taxes from prior years!
“Our accounting group should be able get our research credits.”
Most accountants are primarily concerned with preparing accurate financial statements and getting your taxes filed properly and on time. But successfully claiming R&D tax credits is different—it requires highly specialized cost accounting skills, up to date knowledge of the requirements, a complete understanding of your specific technical approach, and the experience to prepare winning technical reports to substantiate and defend your claim. These are the combined skills that we offer our clients. We work with your accountants, to provide the documentation they need in order to endorse your claim with confidence. You wouldn’t expect your family doctor to be an expert in neurology. Why expect your accountant to be an expert in R&D?
“Sounds like a lot of work. It can’t possibly be cost effective.”
It might initially seem like a lot of work, but it is certainly worth your while if you qualify. Tax Credit Advisors LLC has the know-how and experience to work with your team to develop a clear and accurate history of your development efforts, capture all eligible costs, broaden the scope of qualifying activities when appropriate, and prepare the technical reports you need to get the money you deserve. And we do so in an efficient manner that minimizes disruption and provides you with a documented approach that benefits future planning.
Let us help you see whether you have money coming!
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