Engineered Tax Services

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Engineered Tax Services
By - https//engineeredtaxservices.com/
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• There may not be a better feeling for business
  owners than finding an avenue that can help them
  save money on their company taxes. Why would any
  business want to spend excess money if they know
  they don't have to? One way a company can save
  money is through the research and development
  (also known as RD) tax credit.

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• The research and development tax credit is an
  incentive that rewards companies efforts' to
  advance their innovation, technical design, and
  manufacturing. It's one of the most significant
  domestic deductions under tax law that can make a
  huge difference in its cash flow if the business
  qualifies for it.

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• Not all companies qualify for an incentive
  like this, mind you, but that does not mean it's
  not worth looking into. Industries of all shapes
  and sizes now qualify for such a financial boost.
  They range from software developers to
  construction contractors to food processors. If
  your business is in the same ballpark as those
  three, then see if you qualify for the research
  and development tax credit is worth looking into.

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• So one would think that companies would know
  about this supposed research and development tax
  credit if legitimate. Unfortunately, the answer
  is, a fair amount don't. Believe it or not,
  almost a third of the companies thaat are
  eligible for the incentive are unaware of the
  fact. That same one may also think that this
  incentive is only exclusive to companies that are
  non-startups. Rest assured, that also is false.

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• How would a business know if it qualifies for
  the research and development tax credit? There is
  a four-part test created by the Internal Revenue
  Service to determine if it does.
• 1. Permitted Purpose
• 2. Technological in Nature
• 3. Elimination of Uncertainty
• 4. Process of Experimentation

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• However, the IRS requires an encyclopedia-like
  amount of documentation for a business to get the
  research and development tax credit. Hence,
  businesses need consultants who can do that
  digging to save the business both the time and
  the effort.

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• If you're a business owner looking into this,
  Engineered Tax Services is who you want to ensure
  so that research and development tax credit is
  yours in full. To see if your business qualifies,
  look up their webpage on the research and
  development tax credit. If you think you qualify,
  get started as soon as possible. They say time is
  money, so don't waste any time saving your money!