Industries | R&D
Since its inception in 1981, the R&D tax credit has consistently targeted the manufacturing sector, encouraging US-based research in product design and manufacturing. A wide array of manufacturing industries can qualify for the R&D tax credit, with consumer goods forming a substantial part of this category. This spans numerous sectors, including electronics, clothing, furniture, luggage, sporting equipment, beauty and more.
Qualifying costs for the R&D tax credit extend beyond just salaries. They also include contract labor and the expenses for raw materials and supplies used in the execution of research.
This company was able to claim a combined federal and state R&D tax credit of $300,000 annually.
Over 40 years of experience in developing innovative high-quality products has entrenched this company as a leader in the bowling industry. This company’s products are a result of extensive investments in highly skilled, multi-disciplined team members, state-of-the-art testing facilities and industry-leading production processes.
The R&D tax credit can help a wide variety of businesses offset and reduce their income tax liability, in addition to providing many other benefits. Our team of experienced CPAs, attorneys, engineers, and technology experts helps companies save money and create cash flow with R&D tax credits that can then help drive overall growth.