Leveraging R&D Tax Credits as Support During COVID-19
Many companies have had to ‘pivot’ to face COVID-19 challenges, including integrating new technology and software, changing physical processes, and entering new market segments. These changes can likely qualify for research and development, or R&D, tax credits.
R&D tax credits are a dollar-for-dollar reduction in your income tax. These credits can be used to help defray the cost of R&D, justify an increase in R&D spending, or support and stimulate the business to take on new initiatives, move to new phases in development, hire new employees, or enter new business segments.
If you have any questions about whether your business might be eligible for R&D tax credits, please contact us.