What is the R&D tax credit?
The Research and Development (R&D) Tax Credit is designed to keep top talent and innovation thriving in the United States. This credit is an incentive that rewards companies who continue to innovate within their business industry. There is no requirement that your company’s R&D needs to be revolutionary to the world. Projects and initiatives that are evolutionary, or incremental to your business, can also qualify. In addition to the federal credit, many states now offer similar incentives for R&D.
Many wrongly think that the R&D tax credit applies only to companies that actually employ scientists. But if your team includes a range of machinists, engineers, or software developers, developing new systems and designs, then you may be entitled to a piece of the tax-credit pie.
The R&D credit provides a competitive advantage and encourages growth. This dollar-for-dollar credit can be used to reinvest into new research and product development, hire top talent, or even funnel back into marketing to increase sales.
Many leading companies claim the R&D credit, but that claim is often incomplete and/or at high risk of failing under audit. An SSF R&D Credit Study maximizes your credit potential while limiting audit risk.
Take advantage of the ERC tax credit before the upcoming deadline.
Extended through the end of 2021, The Employee Retention Tax Credit can be worth up to $26,000 per employee! The Employee Retention Credit (ERC) is meant to reward employers that kept employees on their payroll during the COVID-19 impacted months in 2020 & 2021. Visit our ERC page to learn more.