Take advantage of the billions of dollars of R&D Tax Credits the US Gov't gives annually - these are strategies typically reserved for large corporations - now you can benefit too!
A federal dollar-for-dollar reduction of income (or payroll) tax liabilities for US-based businesses involved in innovation, science or technology.
Businesses of any size in a variety of industries qualify for the R&D Tax Credit. The only requirements are that the have projects that satisfy the 4-part test and incur qualified research expenses (wages, contractors, supplies/materials) in a given year.
Qualified R&D expenses may include taxable wages; guaranteed payments; US contractors, subcontractors and vendors; supplies and materials used during prototyping or testing; and computer rental and cloud storage costs.
The tax credits can be used to offset current or future income tax liabilities. For companies filing amended, prior-year returns in which income tax was paid, the IRS issues a cash refund. For startups with no tax liability, the tax credit can be used to offset payroll taxes.
36 states currently offer a State R&D Tax Credit.
The amount your company can expect to receive is directly related to:
Our tax experts gather financial documentation, analyze expenses, conduct technical interviews, calculate the amount of the tax credit, and deliver the completed IRS Form 6765 and applicable State forms to the business owner and their CPA.
Yes. For qualified small businesses (QSBs) the current year Federal R&D Tax Credit can be used to offset future payroll taxes owed to the IRS. So, if qualified, EFI will assist to amend and file quarterly 941 reports, saving you money immediately.
No. If the R&D Tax Credits are accurately and properly claimed on a timely-filed tax return, there is no increased chance of audit. Amending a prior-year tax return to claim R&D Tax Credits does increase your audit chances.
Companies in a range of industries have received significant tax benefits through the R&D Tax Credit. These include but are not limited to manufacturing, software, technology, engineering, architecture, food & beverage, aerospace and pharmaceutical companies.
Yes. Federal tax returns can be amended to claim the credit for 3 years prior to the current tax year. Right now, we can refile 2020, 2021 and 2022 returns and impact 2023 through quarterly 941 filings. Get money back and save money going forward.
Activities relate to the arts, soft sciences, sales, marketing, general and administrative, training, market research, funded research, or research conducted outside of the US do not qualify for the R&D Tax Credit.
Saved $100,000+ over two years of tax returns with R&D Tax Credits
Saved $20,000+ that they never would have known about if they hadn't contacted EFI.
"I have the confidence of having world-class CPA's on my team! With EFI, I only pay if they save me money - and they saved me a lot of money!
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