Research & Development Tax Incentives

With the ever-increasing competitiveness of today’s market, Research and Development (R&D) is a crucial area for more and more businesses. From perfecting manufacturing processes to increasing the efficiency of production, R&D is critical to staying competitive and gaining key advantages over competitors.

The tax code of the United States offers some extremely robust tax incentives for R&D, but many companies fail to take advantage of what’s available to them. R&D is often thought of as something unique to high-tech and engineering firms, but that couldn’t be further from the truth.  Recent changes in regulations make it easier than ever for a wide range of industries to realize significant tax savings.

Whether your company develops software or processes cheese, whether you manufacture computer hard drives or plumbing hardware, if you’ve invested in improving your products, expanding your product line, or many other processes, you probably qualify.

Here’s a list of some of the activities that qualify under the IRS guidelines:

  • Developing new products or improving existing products
  • Developing new and unique technology
  • Developing new production processes or improving existing processes
  • Designing or implementing new molds, dies, or tools
  • Testing or evaluating new materials, concepts, or raw material sources
  • Quality certification testing
  • Manufacturing products
  • Applying for patents

And even if you have employed outside contractors or outsourced any of the above processes, you still may qualify for the tax benefits.

Contact MS Consultants today to learn how we can help you significantly reduce your tax burden, freeing up more capital to help you continue to innovate and improve your business.