Tax Season is the Perfect Time to Conduct an R&D Tax Credit Study

2 Minute Read
Posted by Randy Eickhoff on Jan 31, 2022 12:41:55 PM

As a business owner, tax season brings with it two important goals. First and foremost, you’re racing to put together your W-2 and 1099 documentation in time for the January 31 deadline. Second, you’re assessing all of your 2021 expenditures to identify eligible tax deductions and tax benefits that can add to your company’s overall profitability.

Does Your Business Qualify for the Research and Development Tax Credit? 

One possible tax benefit you may not even know you’re eligible for is the research and development tax credit. Designed to encourage U.S. businesses to invest in technology and innovation, the R&D tax credit rewards companies that incur expenses developing new or enhancing existing products, processes, or services. This includes new and existing formulations, techniques, and software products.

An R&D Tax Credit Study Can Help Your Business Minimize Tax Burden

If your company spent money on technology or innovation in 2021, you may be eligible to claim this dollar-for-dollar tax benefit — and the time to find out is now. Every tax season, Acena Consulting works with business owners across over 40 industries to conduct R&D tax credit studies and determine benefit eligibility, ensuring our clients minimize their overall tax burden and maximize this cash flow opportunity. 

At Acena Consulting, we recognize that this time of year is extremely busy for business owners — but we also believe that leaving earned money on the table should never be an option for our clients. Time is definitely of the essence to ensure you hit the March 15 tax filing deadline. However, Acena Consulting’s team of R&D tax professionals have the experience and flexibility needed to conduct your study as quickly, efficiently, and thoroughly as possible.

An R&D Tax Credit Study Uses Many of Your Tax Return Documents

Here’s the best part about conducting an R&D tax credit study now: Like most taxpayers, you’ve already begun gathering a multitude of tax-related documents and resources. Most people don’t realize that a research and development tax credit requires many of the same documents needed for a basic tax return. You’re already required to gather your company’s financial statements, W-2s, 1099s, loan statements, and investment statements — these are all often part of the documentation needed for a study. Acena Consulting’s R&D tax professionals can walk you through what’s needed to launch your study as soon as possible. 

The First Step: Acena’s R&D Tax Credit Calculator

Using our R&D tax credit calculator is an easy first step to estimate your potential benefit. Simply input relevant information from the qualifying W-2 forms and 1099s you’re already putting together for your basic tax return to see for yourself how the R&D tax credit can potentially impact your company’s bottom line. 

Contact Acena Consulting Today

Don’t let another tax year pass without claiming every benefit your business has earned. Contact Acena Consulting today to schedule an appointment with our experienced R&D tax professionals to determine if your company qualifies for this lucrative cash flow opportunity. 

Randy Eickhoff

Randy Eickhoff

Acena Consulting Founder and Partner. Randy is a licensed CPA and has worked with over 200 companies on various tax credits and other government incentives including multinational technology firms as well as small privately held manufacturing, sports, and technology companies.