The plastics and injection molding industry holds a distinctive position when it comes to eligibility for the R&D tax credit. From the complexities of injection molding to the nuances of plastics packaging, R&D activities are pervasive.
The R&D journey commences with concept development. Subsequently, the efforts expended in evaluating alternate designs, refining process techniques, developing 3D models, programming CNC machines, and executing simulations all fall within the scope of the experimentation process.
But the R&D opportunity doesn’t stop once a part is produced. The pursuit of process improvements and the creation of enhanced testing procedures may also contribute to your R&D credit qualification. Included in the qualified costs are wages, contract labor, and expenses related to raw materials and consumable supplies utilized in conducting research.
This plastics company has been an innovator in the use of industrial plastics in new applications with roots in identifying products that could be produced using plastics.
The company offers urethane casting, thermoforming, machining and plastic injection molding services. The company constantly evolves to expand its offerings into new industries and applications.
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.