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R&D Tax Credits? Do you Qualify?

1/12/2020

4 Comments

 
(By: Kevin Ham)

What is a R&D Tax Credit?

You may be surprised to find out that your business may qualify. The R&D tax credit started in 1981 to help stimulate the economy and to keep American jobs?
The federal R&D tax credit was first introduced in 1981, as a 20-year incentive, and has rewarded part of the tax code ever since. Its purpose is to reward US companies for increasing their R&D in the current tax year. Initially temporary, the federal R&D tax credit became the United States primary means for rewarding business for investment in research.

PATH Act of 2015 Changed Everything
The PATH Act (Protecting American Against Tax Hikes) of 2015, permanently extended the R&D tax credits and expanded its previous, allowing small and medium sized businesses to qualify for credits.

The credits are available to any business the attempts to develop new, improved, or technological products or processes. In addition to these activities, the credits may also be available to taxpayers that that have improved the performance, functionality, reality, or quality of existing products or trade processes.

The PATH Act allowed for 2 very important changes in the law. First, the legislation allows small businesses to take advantage of the R&D credits. Second, the path act allows startup businesses with no federal tax liabilities to take advantage of the credits.

Who Qualifies?

So, who qualifies for the credits? While initially enacted in helping large manufacturers and innovators, the PATH Act allowed for small and medium-sized businesses to qualify for credits.
Any company that designs, develops or improves products, processes, techniques, formulas, inventions or software may be eligible. In fact, if a company has invested time, money, and recourses toward the advancement and improvement of its products or processes. It may quality.

3 basic criteria to be qualified:
  • Creative or innovative
  • At least 1 W-2 employee
  • Must be paying taxes

The changes made by the Path Act, have allowed several new businesses to qualify. These include manufacturing, engineering, agriculture, software, importers/exporters, biotech, doctors, dentists, chiropractors, website development, and breweries.

Does your business qualify? The Small Business Development Center will host a workshop on this topic on January 22nd. For more info, visit https://sdsbdc.ecenterdirect.com/events/12653
4 Comments
Hailey Miller link
12/22/2021 01:53:02 am

Thanks for pointing out that the R&D tax credits help stimulate the economy and keep American jobs. I would imagine that any business owner would want to claim R&D tax credits when they improve their business components. I think they should look for a reliable R&D tax credit service that can provide assessment and feasibility at no cost to them.

Reply
sutherland tax agent near me link
9/9/2022 04:19:39 am

Taxpayers who design, develop, or enhance goods, procedures, methods, formulae, or software are eligible for the R&D tax credit. It is meant to reward businesses who seek innovation with increased investment since it is assessed on the basis of growth in research activities and expenditures.

Reply
Federaltax link
1/28/2023 06:37:02 am

It's awesome that this article talked about employees are struggling financially during this difficult period of COVID-19, thus the timing of this government tax credit program could not be more critical. I'm glad that you explain it thoroughly and now it makes more sense. You did a great job of explaining reduce property taxes.

Reply
Federaltax link
1/28/2023 06:40:48 am

Thanks for pointing out that the R&D tax credits help stimulate the economy and keep American jobs. I would imagine that any business owner would want to claim R&D tax credits when they improve their business components. I think they should look for a reliable R&D tax credit service that can provide assessment and feasibility at no cost to them.

Reply



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928 N. Coast Highway | Oceanside, CA 92054
Tel 760-722-1534 
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  • Oceanside
    • About Oceanside >
      • History of Oceanside
      • Demographics
      • Arts and Culture
      • Education
      • Employment
      • Health Care
      • Religious Organizations
      • Local Government and Services
      • Retiring in Oceanside
      • Oceanside Maps
    • Visitor Information >
      • Beaches
      • Accommodations
      • Groups and Meeting
    • Things to Do >
      • Oceanside Events >
        • Downtown History Walks
        • Farmers Market
        • Sunset Market
      • Shopping >
        • Coupons
      • Dining
      • Surfing
      • Regional Attractions
    • Volunteer Opportunities
  • Business Directory
    • All Categories
    • Coupons
    • New Members
  • Media
    • Advancing Oceanside Podcast
    • Blog
    • Member News
    • E-Newsletter
    • Publications >
      • Advertising Your Business
      • Best of Oceanside Magazine
      • Annual Community Guide
      • Military Publications
  • Chamber
    • Membership >
      • Member Portal
      • Membership Packages
      • Application
      • Testimonials
    • Advocacy >
      • Chamber Political Action Committee
      • Public Policy Guidelines
      • The Advancing Oceanside Report
    • Our Work >
      • 2021 Annual Report
      • 2023 Strategic Priorities
      • Committees - Task Forces - Forums
      • Oceanside Young Professionals
    • Economic Recovery >
      • 2021 Small Business Grant Program
      • 2020 Shop Local Oceanside
      • 2020 North County Cares Program
    • Workforce Development >
      • SOCAL Workforce
    • Kindness
    • Oceanside Leadership Academy
    • Our Team >
      • Board of Directors
      • Chamber Staff
    • Privacy Policy
  • Events
    • Signature Chamber Events >
      • Armed Forces Day Operation Appreciation
      • Heroes of Oceanside and Camp Pendleton
      • Meet the City of Oceanside
      • North County Health Fair
      • Oceanside Senior Expo
      • Rising Star Student Program
    • Monthly Chamber Events
    • Oceanside Community Events
  • Resources
    • Community Resources
    • Local Business Resources
    • Military Resources