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.
Founded in 1948, this electrical contracting firm is a cornerstone in their community. It has evolved over time to include not just commercial and residential electrical services but also low voltage services to meet growing market demands.
Beyond the standard installation and maintenance services, the company invests in custom electrical designs to meet specific customer needs. This involves research, multiple design revisions, and testing, adding layers of complexity and financial risks to the projects.
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.
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.
Thoroughly evaluated all custom design activities and the roles of third-party vendors in those projects.
Carried out a meticulous financial study to estimate potential R&D tax credits.
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.
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.