From redesigning customer prototypes for mass production to pioneering new fabrication techniques, R&D in the plastics industry is a complex venture. Uncover how Source Advisors aided an industry leader in amplifying their R&D tax credits.
This plastics company has been a vanguard in industrial plastics applications. Offering services like urethane casting, thermoforming, machining, and plastic injection molding, the company continuously evolves to meet the demands of new industries and applications.
Each customer request ignites a multi-faceted R&D challenge. Whether it’s determining the ideal production method or ensuring the product meets quality and regulatory standards, the company’s varied departments come together to solve complex problems.
The company’s R&D activities span from preliminary engineering analyses to developing custom tooling for production. Qualifying activities include redesigning customer prototypes, experimenting with molds and casts, and iterative trials to meet quality and performance standards.
Before diving into the project, Source Advisors conducted a preliminary feasibility analysis to set potential credit expectations and explain the process. This was crucial for the packaging company in choosing us over other providers.
Comprehensive review of the company’s wide-ranging R&D activities, including production methods and custom tooling. This lead to an initial find of $900,000 in qualified research activities.
Examination of financial records to calculate the potential tax credits. Our continuous engagement and financial analyses have provided the company with insights that have been pivotal in their long-term strategic planning.
Our team made sure that all R&D claims were supported by robust documentation, making them audit-proof and securing the credits they deserved.
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 food or beverage company.