We are excited to be partnering with A&A Accounting and Business Consultants to share tips to understand and claim the R&D tax credit. A&A is a rapidly growing full-service accounting firm located in the Chicagoland area. A&A provides a wide array of accounting, tax, and consulting services for individuals and entrepreneurs across the US as well as overseas. They are a niche company that focuses on businesses that often are innovative which is where the R&D credit makes a difference.
Ayming USA’s managing director, Thomas Folsom, has been invited to speak on A&A’s weekly webinar, Ask an Accountant. Thomas will be answering questions regarding what generally qualifies for R&D and how your business (or client’s businesses) can claim and profit from the credit. Please read the questions below and use the form at the bottom of the page to register.
1.) Have you tried to develop something completely new?
If you have used science or technology to design new tools, products, or services then you could be eligible for R&D tax credits. This includes all sorts of things, from designing new devices to adapting services.
2.) Have you tried to enhance existing products?
Have you made a product lighter, more eco-friendly, or stronger? If you have made technical changes to products and made them measurably better in some way, you could be eligible for R&D tax relief.
3.) Have you improved production processes?
If you’ve found a way to be more efficient in production, be that reducing energy consumption or resource use, you could be in line for R&D tax relief.
4.) Have you experimented?
Have you been testing or prototyping products or experimenting with new equipment or production processes? There’s a good chance you may be eligible for R&D tax credits if your answer is “yes”.
5.) Did any of your projects or experiments not meet expectations?
Businesses often overlook failures as being eligible for R&D tax relief. But if you’ve changed something (anything) around what you make or how you make it and there have been challenges along the way, you could still be eligible – regardless of how that experimentation turned out.
6.) Do your managers/executives spend a percentage of their time weighing in on technical expertise?
If your executive team or management staff are spending a portion of their day weighing in on technical expertise, then a portion of their wages are eligible to be claimed for R&D.
If you answered “yes” to Question 1, and “yes” to at least one of the other questions, it’s well worth looking into R&D tax credits. Fill out the form below to be invited to our exclusive webinar with A&A, when the date is released: