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R&D Tax Credit Qualification Cheat Sheet
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The U.S. government first released the research and development tax credit in 1981 as an incentive for qualifying companies to stimulate a sluggish national economy. Like many newly launched U.S. tax programs, the term "qualifying" companies was often synonymous with "big" companies. The R&D program was often only leveraged by large, Fortune 500 corporations that had access to the capital and legal expertise needed to circumvent its vague requirements and regulations, leaving small- to mid-sized businesses further behind in the competitive lineup.
Small to Mid-Sized Businesses Can Capitalize on Research and Development
The R&D Tax Credit program has evolved over the last 35+ years. In recent years, the federal government revamped legislation, extending tax benefit opportunities to include businesses of every size and across multiple industries. The current innovation tax credit rules have essentially leveled the competitive playing field, allowing smaller companies easier access to capital that was often only available to more prominent business entities.
Countless Qualifying Businesses Still Miss Out on R&D Tax Credits
Unfortunately, many CPAs and entrepreneurs still miss out on this invaluable opportunity to reduce taxable income and elevate corporate funding, due to myriad program misconceptions. The term "research and development" often conjures up images of pharmaceutical laboratories and scientists in lab coats. Not true. The current legislation covers eligibility for companies in over 40 industries. Manufacturing, food sciences, utilities, and architecture are just some of the many verticals covered by the research and development tax credit initiative.
Do You Qualify for the R&D Tax Credit?
Download Our R&D Tax Credit Cheat Sheet
At Acena Consulting, we've earned our reputation as a one-source, trusted provider of research and development expertise. We make it our mission to simplify the R&D tax credit process. Our team of dedicated tax professionals has created an easy-to-follow cheat sheet to help you identify preliminary qualifications, simplified calculations, and industry guidelines. Submit the form to download this invaluable resource to help save time and boost overall cash flow within your organization.
Realize Your R&D Tax Credit Potential With Acena Consulting
Stop leaving hard-earned capital unclaimed every tax year. Let Acena Consulting help you realize every available deduction to reduce corporate financial vulnerability and increase bottom-line profit. Contact us today for an initial consultation with one of our on-site tax specialists.
