Hi,
Most business owners are leaving six figures on the table by skipping the R&D tax credit, usually because they assume it isn’t for them. The truth is the opposite: far more businesses qualify than ever claim it.
You don’t need a lab, a patent, or a white coat. If your business does any of these, there’s a good chance you qualify:
- Build, customize, or even improve software or apps
- Design, develop, or test new products, formulas, or recipes
- Engineer or improve a manufacturing or production process
- Build prototypes, tooling, or automation
- Pay engineers, developers, designers, or technical staff to figure out how to make something work
It reaches far more industries than people expect – software, manufacturing, construction, food and beverage, agriculture, architecture, e-commerce, and more.
Here’s how the savings work:
- The R&D credit is dollar-for-dollar: a $40,000 credit takes $40,000 straight off your tax bill, not a percentage of it.
- A company putting $500,000 a year into development is often looking at $30,000 to $50,000 back annually.
- If you’re earlier-stage and not yet profitable, you can apply up to $500,000 of the credit each year against your payroll taxes instead for a dollar-for-dollar refund
- And a recent law change lets businesses under $31 million in revenue go back and claim R&D from 2022 through 2024, but that window closes July 6.
The catch is that R&D is only one of several credits and deductions most businesses never claim – and you can’t plan for what nobody’s tracking. That’s why we put everything under one roof:
- Monthly and annual bookkeeping with a dedicated bookkeeper
- Full-service payroll, multi-state, plus contractor 1099s
- Sales tax compliance
- Quarterly tax estimates so you know what you owe before April
- A full one hour review of every credit and deduction you qualify for – R&D and beyond – by the same team that files your return
- Personal and Business tax returns handled by the same team
Reply to this email by Wednesday and we’ll set up a free 15 minute call with our senior tax advisor to go over your situation. Bring your last invoice from your tax advisor/strategist, tax preparer, bookkeeper and payroll provider – so we can discuss how you can have everything under one roof.
Sincerely,
—
George Dimov, CPA
Licensed and Insured
(833) 829-1120 toll free
(212) 994-8081 Fax
www.dimovtax.com