Congress over the years has wisely invested in American companies by incentivizing innovation. You may have heard of the R&D tax credit, as it has been around since 1981. What you may not know is that only one of every 20 eligible companies actually applies for the R&D credit – a mistake that can cost your business thousands or, in some cases, millions of dollars.
Who's eligible for the credit?
The R&D tax credit can benefit any company that designs, develops or improves products, processes, techniques, formulas, inventions or software. While you may associate R&D with laboratories, white coats and test tubes, in reality, the R&D credit has a broad application covering industries as diverse as manufacturing, architecture, engineering, agriculture and food production.
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