Financial incentives for companies, available through the Section 41 R&D Tax Credit Program
Unfortunately, many businesses miss out on R&D tax credit opportunities simply because they don't realize they qualify for these capital infusing deductions. Many assume that research and development must mean "scientist." However, the Section 41 Research and Development Tax Credit is a government-sponsored benefit that delivers several financial incentives for companies that conduct qualifying R&D activities in a multitude of industries. From software and manufacturing to wineries and farms (yes, really), companies in virtually every vertical have successfully taken advantage of available research and development deductions.
Business efforts and initiatives that focus on product development and improvement, process efficiencies, operational techniques, formulas, or inventions may qualify for federal and state R&D tax credits. At Acena Consulting, our research and development experts partner with CPAs, executives, and stakeholders across every organizational level to identify qualifying R&D tax exemptions.
Some common questions that can determine eligibility include:
Even manufacturing automation initiatives may qualify for a credit. Acena Consulting's trusted staff of experienced professionals carefully reviews and analyzes your current operational tactics to determine overall eligibility. Our insight, expertise, and directives outline compliant deductions to increase financial advantage and help you build your business.
Like most legislation, the R&D Tax Credit laws are constantly changing and evolving. Congress, the courts, and the IRS have recently reviewed and updated regulations, making proper documentation crucial to achieve and maintain compliance. Don't waste precious time trying to navigate through the necessary red tape and paperwork on your own. Acena Consulting can create and implement an efficient documentation process that meets the IRC's credible evidence standards, without slowing down your company's efforts and success.
Contact Acena Consulting today to learn more about leveraging research and development to grow your business.