Claiming Research and Development Tax Credits for Your Ohio-Based Company
If you’re looking for an immediate cash flow for your company, you should investigate the opportunity that you may have overlooked when you filed your corporate tax returns in the past. Whether your Ohio-based company is small or medium-sized, you may qualify for research and development tax credits that can provide you with the cash that you need to expand your company or secure its financial stability. Many companies self-eliminate their claims by assuming that they aren’t big enough or the return won’t be significant enough to make a difference in their claim. Knowing that you can recover 6.5 cents for every dollar that you spend on research and development activities may be the incentive that you need to partner with a team of professionals that can find tax credits to which you are entitled.
Do Your Business Activities Qualify?
Educating yourself on some of the activities in which your business can engage to qualify for R & D tax credits is an important first step. Ask yourself if your business does any of the activities listed below:
- Develops new products, software, techniques, formulas
- Improves current products, formulas, techniques
- Creates more reliable products
- Develops prototypes
- Designs tools, molds, jigs or dies
- Applies for patents
- Tests for quality certification
- Tests new concepts
If your company does any of these operations, you may qualify for lucrative R & D tax credits.
Do You Have Documentation?
You’ll want to ascertain the types of expenditures that your company has made relating to research and development, its supervision, and the technical support that was provided. Did you pay salaries and wages to employees who participated in the research done by your company? Did you pay contractors or other technical experts for their assistance during the research process? You may want to review your financial reports to determine what costs can be associated with R & D in your business so that when you find a qualified team to assist you, you’ll be able to present credible documentation for your costs and expenses.
The Team with Whom You Should Partner
As a successful entrepreneur, you know the accuracy that is required and the records that are demanded when you are dealing with the IRS, the U.S. Treasury, or the State of Ohio; your documentation must be prepared with a commitment to excellence. At Swanson Reed, our team of professionals will provide you with forms and documents that are prepared specifically in accordance with tax rules, regulations, and laws appropriate to your Ohio-based company. Our team is experienced, confident in our tried and trusted strategies, and professional in our presentation of the finished result for you and your Executive Team. Our experts can manage all facets of your R & D tax credit claim from start to finish.
Claiming research and development tax credits can be the catalyst that your business needs to take production to the next level and out-perform your competition. Partnering with the best will bring the results that you expect and deserve.