R&D Tax Credit: Are You Missing Out On Tens of Thousands to Hundreds of Thousands of Dollars?

Posted by terimoten

History of R&D Tax Credit

The Manufacturing Incentives benefit is a Federal program designed for Companies that perform Manufacturing in the U.S. This program is listed under Section 41 or the IRC (Internal Revenue Code) and continues to be amended on an annual basis as the U.S. Manufacturing landscape continues to evolve. This is an engineered based program that focuses on a company’s operations and processes in order to determine their qualification for incentives. The Manufacturing Incentives benefit provides an avenue to receive ‘tax money’ back from prior years while also reducing current taxable income on a dollar-for-dollar basis.

Who Qualifies for R&D Tax Credit?

Who and what qualifies as research and development (R&D) is much broader than most realize. Activities and costs related with developing or improving a product and/or process often qualify for R&D tax credits. Furthermore, engineering, design, testing, and programming are now included as Qualified Research Activities (QRE). Industries that most commonly qualify are:Manufacturing

  • Fabrication
  • Engineering
  • Software Developers
  • Chemical
  • Tool & Die
  • Machine Shops
  • Plastics Manufacturers
  • Pharmaceutical
  • Biotechnology
  • Food Sciences/Manufacturers

What Are the Benefits of R&D Tax Credit?

The benefits of having an R&D Tax Credit Study performed would be:

  • Dollar for dollar credit against taxes owed or previously paid
  • Carry forward credit for future profitable years
  • Immediate increase in company cash flow
  • Credit average is over $25,000 per $1,000,000 in total company payroll

 

Our Methodology

GMG, the consultant team I collaborate with, utilizes a team of highly qualified professionals including IP attorneys with engineering backgrounds and adheres to the Comprehensive Project by Project Approach methodology as required by the IRS. By following this methodology, we qualify every applicable employee, activity, hour spent and corresponding wage paid in order to maximize the incentive for our client. We strictly adhere to the applicable sections of the code and provide first-in-class documentation to substantiate our findings.

Here’s an article from Forbes on the R&D Tax Credit:
https://www.forbes.com/sites/deanzerbe/2019/04/26/rd-tax-credit-still-the-one-for-small-and-medium-business-owners/#5b5e77a92910

Getting Started:

An initial consultation is done over the phone with one of our R&D Specialists to identify potential Qualified Research Expenditures (QRE). If qualifications are identified, GMG will collect an authorization to begin working on the client’s behalf. No fee is charged until credits are identified and utilization is verified with the client’s accounting representation.The initial consultation is a simple and quick process. By completing a quick survey, our software will search hundreds of Local, State, and Federal programs that fit your qualifications and help you claim your benefit. Click here to complete the tax credit survey https://emergencybusinessrelief.com/123949

Teri R. Moten, MBA, Your Business Problem Solver

Kick Start Your Marketing

Posted by terimoten

Today I’d like to teach you about the three most important start up marketing tools you need to get and keep new customers.

  1. In person: It’s essential you meet with customers/clients in person whenever possible. This shows you respect them and take the time to work with your clients to give personal attention to each of them.
  2. Follow up letter: Always take a moment to send a follow up letter about what you talked about, new agreements or partnerships made and to thank them for taking the time to meet with you. Likewise, you should always send thank you letters or small gifts to partners you find success with.
  3. Phone call: Use a telephone call to follow up with them to talk again about the matters you talked about in your meeting and offer any assistance you can to help their business run smoothly and more successfully.

None of these will work if you don’t have a quality product/service to back you up!

Here are the key steps for putting together your start-up marketing tools:

  1. Research potential customers, buyers, competitors and their preferred methods of distribution.
  2. Talk to potential customers. Take a hard look at your product from a customer’s perspective and see what it needs to be successful.
  3. Follow up with your 3-step process from above.
  4. Develop systems for contact follow through, quality control standards and customer service.
  5. Develop post-sale follow up system to keep lines of communication open is customers and build on your current relationship which increases future purchases.

“Marketing and innovation produce results; all the rest are costs” Peter Drucker, management consultant

Here’s another one I love from an icon:

“If there is any one secret of success, it lies in the ability to get the other person’s point of view and see things from that person’s angle as well as from your own.” Henry Ford, Founder of Ford Motor Company

This lesson has offered you the tools to put together a start-up marketing plan that can be used over and over again to help your customer base and business grow in a manageable way. The tools offered in our FREE test drive offer these very same things.