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Criteria for claiming R&D tax credits
How can you tell if your business is a good candidate for R&D tax credits?
A business that routinely or periodically engages in:
Developing new products or formulas
Process or tool development for proprietary or contract manufacturing
Functionally enhancing existing products or formulas
Improving production/fabrication processes (e.g., improving through-put, decreasing labor, increasing yield, improving quality)
Developing plans to manufacture engineered/designed products
Developing custom software applications or website development
Designing & constructing tooling, molds, dies, & fixtures
Must have some level of taxable income or are anticipating income (from operations or a sale of business assets) in future years.
Prior 3 years, current year & all future years.
Your business' entity classification (i.e., S-corp, C-corp, LLC) does not matter.