Within the manufacturing realm, there are many businesses performing qualified activities and incurring qualified expenses on a day-to-day basis. Many of these businesses are unaware of the federal and state incentives available. Laboratories or scientists are not required to claim the incentives. A broad range of activities qualify the business for incentives. The activities can be related to the manufacturing process or product development. Engineers, designers, machinists, skilled operators and technologists, and tool and die makers are among the many individuals performing activities that meet the requirements for the incentives.
Manufacturing industries claiming research and development incentives include, but are not limited to, aerospace, automotive, automation, custom equipment, electronics, firearms, food and consumer goods, furniture, injection molding, life sciences and pharmaceutical, medical equipment, metals, oil and gas, and tool and die. If you are operating in one of these industries, you should evaluate the R&D credit. TTG will help evaluate your activities and expenses to help you take full advantage of the incentives available.
Qualifying Activities Include:
Production Processes Development or Improvement:
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