Make it a point to talk to your CPA about the R&D tax credit. You may be leaving hundreds of thousands of dollars on the table
Les Bryson and Nichole Gaudette, alliantgroup
In today’s economy, businesses have become more cash-conscious. The focus on expenses has become increasingly important to the bottom line. Typically, the top three business expenses are wages, raw material costs and taxes. If jobs are cut, or raw material purchases are reduced, margins may be salvaged in the short term, but over a period of time, lack of inventory and production shutdowns can prove to be costly.
A benign way of cutting costs is reducing the tax burden. By taking full advantage of the R&D tax credit, many chemical process industries (CPI), with annual sales ranging from five million to more than one billion dollars, have achieved annual tax savings of anywhere between $50,000 and $1.5 million.
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