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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?

 

Activities

 

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

 

Profitability

 

Must have some level of taxable income or are anticipating income (from operations or a sale of business assets) in future years.
 

Time Period

 

Prior 3 years, current year & all future years.
 

Entity Types

 

Your business' entity classification (i.e., S-corp, C-corp, LLC) does not matter.