Advise LLP provides R&D federal and state tax credit services. These credits are incentives to improve innovation and encourage risk-taking for companies that do business in the United States.
In general, a 13% return on investment can be obtained for qualified R&D expenditures. This means that a company that spends $100,000 in any given year on qualified R&D expenses, can capture $13,000 of R&D tax credits to reduce its taxes. In most cases, Advise LLP can help determine uncaptured qualified R&D expenditures. R&D tax credits are a dollar for dollar benefit and can instantly reduce federal and state taxes and improve cash flow. Credits are open for a span of three to four years, and amended tax returns may be filed to claim credits not previously determined.
Advise LLP helps provide services to review and determine qualified R&D expenditures, perform the federal and state credit calculation using the most appropriate method, and develop R&D accounting and documentation. We document the credits and have defended the credits with the appropriate taxing authorities.
You may already qualify for R&D credits.
R&D activities can include the following:
- Develop prototypes
- Improve processes, techniques, formulas
- Design tools, jigs, molds, & dies
- Develop and apply for patents
- Conduct testing
- Utilize new materials
- Integrate, design, and modify new equipment
- Develop and improve production and manufacturing processes
- Develop software
- Improve new manufacturing facilities
- Automate and streamline internal processes
- Expend resources on outside contractors for above activities
- Utilize rental equipment for above activities
- Procure supplies for above activities
Industries that qualify include entertainment, aerospace, manufacturing,
software, engineering, agricultural, retail, distribution, consulting, and
many other businesses.