I recently came across an article written by Robert Celaschi for Comstock Magazine that may interest many tax conscious business owners. He writes that many business owners do not seek research and development tax credits due to the fact that the former tax laws made it too difficult to obtain the credit. However, the law changed and eased the requirements for obtaining R&D tax credits. According to Celashi’s article, “as long as a company sets out to improve the performance, reliability or quality of a product or process, it has a good shot at the tax credit.” The limitation… the research and development must be technology based, relying on physical, biological, engineering or computer sciences.
I urge you to check out Celaschi’s article and discuss these items with your tax accountant. You can find Celaschi’s article at http://www.comstocksmag.com/Articles/1110_F_Return-to-Sender.aspx. You never know, you may be missing out on a tax savings.
Feel free to contact us if you would like any legal advice for your business.