Research & Development Tax Credit for the AV Industry
With the pace at which technology changes, the audiovisual design has never been more important. When creating an environment conducive to productivity, more is required than just evaluating hardware and plugging it in. A seamless integration of technologies is required to ensure a quality AV experience. Difficult technology never gets used! To simplify the experience, the AV engineer must understand the interoperability of the components and systems. Time spent engineering a functioning solution can yield tax savings.
The R&D tax credit is designed to stimulate innovation, U.S. competitiveness and create jobs in certain technical industries like AV. Staying competitive in this global marketplace requires new and improved designs, concepts and processes. However, the cost to push riskier initiatives forward can be significant. This federal and state incentive is meant to encourage this progressive behavior in your operations and lessen the burden.
Let’s say you spent the following costs in your development:
Your Federal R&D tax credit would be: $108,354
You can also go back and amend 3 open years. You can go back and amend up to 4 years in some states. Most states offer this incentive and can double your benefit.
Acena, a specialist in the R&D law, bridges the gap between the qualified activities and the associated costs.