The purpose of the R&D Tax Credit is to incentivize U.S. companies to continue and increase spending on research and development within the U.S. The tax credit is available to companies who create or improve a product or process in the course of their business.
Rather than lowering your taxable income like a deduction, the R&D Tax Credit is a direct reduction of the taxes you owe, based on expenses .
Businesses can claim the R&D credit retroactively by filing amended returns for any open tax years, which in most cases, is three years.
Our team performs a scientific and technical assessment of potentially eligible projects or 'initiatives' you have undertaken at your business. We work directly with your CPA to file the necessary state and federal tax forms and provide you with a written R&D study that defends why your claims are fully substantiated.