Research and Development Industries

Any company in a variety of industries may be eligible for a Research and Development tax credit. The key factor to know is that the company must be trying developmental activities that have a high probability of creating something new and innovative in the industry. The project must past the 4-part test for QRAs. If your company is taking a risk and trying something new and improved by developing a process, product, or service it is likely, you qualify for the R&D Tax Credit benefit.

R&D Manufacturing card

Manufacturing

Manufacturing companies are the most significant industry that is missing out on the R&D Tax benefit. Manufacturing companies do not understand the credit is not just about basic research but also applied research. The R&D Tax credit benefit is aimed at awarding manufacturers who are introducing a new or improved product to the market, and may in this industry are doing this every day.

Examples of Qualifying Activities Include:
  • New or improved products, designs, equipment and manufacturing process
  • Development of a new or improved prototypes
  • Design and evaluation of alternative methods aimed at improving cost-effectiveness and product performance.
  • Development of synthetic body parts
Manufacturing Case Study
Annual Revenue
$24,946,879
Company Wages
$1,006,689
R&D Tax Credits Earned
$67,118


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R&D Architecture card

Architecture

Engineering firms can validate that drafting a building isn't just about the aesthetic plan. Architecture firms may not be aware that the costs related with the improvement of practical and productive outlines may enable them to utilize critical, innovative work (R&D) incentives. The expansion "green" plans, firms are spending additional time and effort in the jobs to accomplish ideal productive and useful strategies.


Examples of Qualifying Activities Include
  • Developing conceptual/schematic designs
  • Designing and developing functional site plans and elevation drawings
  • Designing and developing energy efficient designs and features
  • Designing and developing unit building shapes, forms, and facades
  • Developing construction documents

Generally, architecture firms spend more than half of their time on activities that qualify as R&D expenses.

 
 

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R&D Engineering card

Engineering

The difficulty of present-day structures frequently requires a lot of development from the Engineering experts. Building firms may not understand that the plan and advancement exercises of making necessary, mechanical, and electrical frameworks for one of a kind structures and structures may constitute qualified R&D exercises, conceivably qualifying them for remarkable R&D incentives.

Some Qualifying Activities Include:
  • Developing safeguards for site examination, soil and water investigation, and improvement of an appropriate ground remediation procedure
  • Design and development of a new chemical product for consumer use
  • A pre-construction analysis relating to the refurbishment of an older factory building to human housing

Engineering Case Study
Annual Revenue
$11,423,624
Company Wages
$2,938,298
R&D Tax Credits Earned
$76,216



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R&D Technology Card

Software and Information Technology

Various technology organizations that create programming and innovation are unconscious that the administration offers liberal innovative work (R&D) programs. Industries that are aware of the tax credit usually neglect to take full advantage of the tax credits for R&D to which they are entitled. Some organizations do not innovative programming that may be small but new and improved processes.


Some Qualifying Activities Include:
  • Develop software that is used in an activity that constitutes qualified research, other than the development of the internal-use software itself
  • Develop software that is used in a production process that meets the qualification for the credit, such as the development of both software and an automated assembly line
  • Develop software that passes a high threshold of innovation standard
Technology Case Study
Annual Revenue
$23,664,448
Company Wages
$1,294,083
R&D Tax Credits Earned
$111,880
 

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Many other industries qualify for the R&D Tax Credit Benefit including:
 
Agribusiness
Apparel
Automotive
Construction
Food and Beverage
Health Care
Life Sciences
Oil and Gas
 
And Many More, Contact Us Today To Learn If Your Industry Qualify!