Companies use the research and development tax credit to claim significant financial benefits to accelerate growth. Originally intended for developers of industry-leading products and technology, the law has been expanded to include a wide range of activities from various industries. The tax credit allows companies to reinvest in their business by offsetting current and future tax liabilities.
Companies of various industries are unaware that they are eligible to claim the R&D tax credit. Under the Internal Revenue Code’s definition of R&D, many common activities qualify. Our specialists have successfully identified and delivered tax benefits for clients in the following industries:
Qualified research activities are activities undertaken to resolve technical uncertainties that arise over the course of a project. Examples of qualified research activities include:
Generally, the following three types of expenses incurred within the United States qualify for the R&D tax credit: