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Case Studies

Unlocking R&D Tax Credits for Electrical Design

A Comprehensive Source Advisors Case Study

R&D Tax Credits for Electrical Design

Even in a traditional industry like electrical contracting, there are frontiers of innovation to explore. Dive into this case study to learn how Source Advisors unlocked a treasure trove of R&D tax credits for one of the area’s most respected electrical contracting companies.

What Qualified as R&D?

The company’s design activities, which involve a rigorous process of research, evaluation, and testing of electrical systems, components, and applications, qualified for R&D tax credits. These activities were conducted by both in-house engineers and third-party vendors, making the case more intricate but equally eligible for substantial tax benefits.

The Source Advisors Solution

Source Advisors stepped in following a referral from a business acquaintance. A feasibility analysis was first conducted to give an estimate of the potential R&D tax credit benefits.

Detailed Analysis

Thoroughly evaluated all custom design activities and the roles of third-party vendors in those projects.

Financial Impact Assessment

Carried out a meticulous financial study to estimate potential R&D tax credits.

Compliance Checks

Source Advisors educated the company’s team on R&D tax rules and identified the specific activities that qualified for tax credits, even fine-tuning third-party contracts to ensure compliance.

The Results Speak for Themselves

After the completion of the comprehensive study, Source Advisors identified R&D tax credit opportunities that resulted in:

$ 0
in Combined Federal and State R&D Tax Credits

This allowed the company not just to offset its payroll tax but also to take the credit against their normal tax liability, due to their highly successful first year.

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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.

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