If you’re a business owner, you may have heard about the research and development (R&D) tax credit. But you may not know much about it, or whether you qualify for it. That’s where a knowledgeable R&D tax credit attorney can help.
According to ADP, “The federal research and development (R&D) tax credit results in a dollar-for-dollar reduction in a company’s tax liability for certain domestic expenses.” Qualifying expenditures can include the design, development, or improvement of products, processes, techniques, formulas, or software.
If you’re interested in seeking R&D tax credits, finding an attorney to help you may be in your business’s best interest. An R&D tax credit lawyer can help you better navigate the process with their extensive knowledge of tax law and advise clients on how to qualify for research and development tax credits.
Many eligible businesses don’t pursue R&D tax credits because they think they don’t meet the criteria, or they’re afraid to get in trouble with the IRS. Our tax attorneys can help with the process and put your mind at ease.
Phillips Law Group, Dayes, and our partners are actively involved in obtaining tax credits for businesses in other areas like the Employee Retention Tax Credit (ERTC). The team at Phillips has the experience with and understanding of tax law to help you with other tax credit needs, including R&D tax credits.
If you’re interested in learning more about R&D tax credits and whether your business is eligible, please don’t hesitate to contact us to discuss your options. There’s no fee for a consultation with our team. Give us a call and learn more today!
FAQs:
Who Qualifies for R&D Tax Credits?
R&D tax credits are available to businesses that “engage in certain activities to develop new or improved products, processes, software, techniques, formulas or inventions,” according to ADP.
The Protecting Americans from Tax Hikes (PATH) Act of 2015 expanded the ability of some small-to-midsize businesses to monetize the R&D credit. If you’re unsure if your business qualifies, give Phillips Law Group a call and see how our R&D tax credit attorneys can help you!
What Qualifies as Research and Development?
Activities that usually qualify for the R&D credit must meet the IRS’s four-part test:
- Permitted purpose
- Technological in nature
- Elimination of uncertainty
- Process of experimentation
Although a business can do its own research into these areas and fill out IRS Form 6765, Credit for Increasing Research Activities, an experienced tax credit attorney may be able to assist with the process and make it go more smoothly.
To learn more about Form 6765 and R&D credits, check out the information available about the credit on the IRS website.
How Much Does a Tax Credits Attorney Cost?
Our experienced legal professionals are ready to help you claim the tax credits and other incentives your business is entitled to. There are no upfront fees and no risk to giving us a call to learn more. Contact us today at (602) 222-2222 or fill out the contact form on this page to learn more.
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