Federal and state research and development tax credits (“R&D Tax Credit”) reward companies based on their investment in developing new products and processes. While there are many myths associated with the R&D Tax Credit, many companies are entitled to this lucrative tax planning tool.
Credits are not limited to companies that invest in their own product development. The R&D Tax Credit applies to companies that continually invest in process initiatives, innovative designs, technologies, and contract manufacturing. Companies may claim the credit for products they have developed to sell to their customers. The R&D Tax Credit’s criteria is very subjective and tailored to each business’ approach to product, process, and technological development.
Hungerford invests the time to educate taxpayers on how they may qualify for the R&D Tax Credit and constructs a claim that meets the highest levels of IRS and state scrutiny.
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