Using Augmented Reality in Manufacturing
Using Augmented Reality (AR) offers real-time information that can streamline the manufacturing process and cost savings.
Research & Development Tax Credit (R&D)
The federal research and development (R&D) tax credit offers businesses in a variety of industries a way to offset a portion of costs associated with development efforts. If your business is not currently taking advantage of R&D tax credit incentives, you may be missing the opportunity to reduce your tax burden and reinvest funds instead in critical business initiatives.
R&D tax credits can result in cash savings of up to 13.5 percent of qualified spending.
Qualified Research Activities
In general, if your company has invested money, time, and resources in activities that help create a new or improve an existing process, product, technique, or formula you may have eligible costs.
R&D tax credit eligibility largely depends on whether the work you are conducting meets the criteria established by the IRS in its four-part test.
Examples of common qualified research activities include:
- Designing and developing certain products or processes
- Developing prototypes or modes
- Designing and developing internal software solutions
- Testing new materials or concepts
- Streamlining internal processes
- Maintaining laboratory equipment
- Documenting research activities
- Designing or evaluating product alternatives
Lumsden McCormick R&D Tax Credit Experts
Lumsden McCormick R&D tax credit professionals along with the resources available to us through our affiliation with the BDO Alliance USA, allow us to work collaboratively with you to ensure that you are receiving the maximum benefit. We will work with you to ensure compliance with R&D tax credit documentation requirements.
For more information about R&D tax credit services from Lumsden McCormick, contact Brian Kern, Courtland Van Deusen, or complete the form below.
