If you answered yes to both questions, your company may qualify for the R&D Tax Credit. This credit can help you recoup some of the costs associated with innovation.
Here’s a list of expenses that may qualify for the R&D tax credit:
While many industries can potentially benefit from R&D Tax Credits, here’s a table of sectors that frequently qualify:
Industry | Qualifying Activities |
Manufacturing | Product development, process improvement |
Technology and Software | Software development, algorithm optimization |
Biotechnology | Pharmaceutical research, medical device innovation |
Aerospace and Defense | Aerospace technology advancements, defense systems upgrades |
Agriculture | Crop research, sustainable farming methods |
Engineering | Innovative structural designs, infrastructure development |
Architecture | Architectural design and planning, sustainable building solutions |
Claiming the R&D Tax Credit can be a complex process, but Finvisor can help your company navigate every step of the way. Here’s how:
In conclusion, incorporating R&D Tax Credits can lead to significant savings and enable your business to reinvest in innovation and growth. To ensure you take full advantage of this opportunity, consult with a tax professional like Finvisor, who can help you navigate the complexities of the credit.
To learn more about what we do, or to request a quote, contact us at hello@finvisor.com or 415-416-6682.
*This blog does not constitute solicitation or provision of legal advice and does not establish an attorney-client relationship. This blog should not be used as a substitute for obtaining legal advice from an attorney licensed or authorized to practice in your jurisdiction.*
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