While chemical companies and environmental sustainability are not often associated together, this case study details how Source Advisors discovered a wealth of untapped R&D tax credits for a chemical company dedicated to eco-friendly products.
With over 35 years of experience, this chemical company is an industry leader in developing and manufacturing eco-friendly products for personal care, household, and industrial applications.
The company aimed to develop a new line of professional salon haircare products, leveraging their environmental commitment. This involved multifaceted R&D activities including concept development, formulation trials, and rigorous testing protocols.
In developing their new line of haircare products, the company engaged in multiple phases of R&D, starting from conceptualization to final product. This involved input from a cross-disciplinary team including chemists, product managers, and engineers. Various formulations were developed, prototypes created, and a range of tests were conducted, including environmental and skin irritation tests.
Source Advisors were engaged to quantify the company’s qualified research expenditures and guide them through the process of claiming their rightful R&D tax credits.
We carried out a study of each R&D phase from initial conception, prototyping, to final production, understanding the complexities and identifying qualifying activities for tax credits.
An in-depth financial review was conducted, considering all the qualified expenditures to accurately calculate the annual R&D tax credits.
A cross-reference of all qualifying R&D activities against federal and state tax laws ensured full compliance and maximized potential tax benefits.
Don’t miss out on the valuable tax credits that could boost your businesses growth.
Contact Source Advisors today to explore how we can unlock tax advantages for your company.