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What is the R&D Tax Credit?

The research and development (“R&D”) tax credit has been around for over 30 years. Changes in the last several years have made this credit a lucrative tax saving, cash flow inducing benefit for businesses of all sizes. The R&D tax credit is a permanent tax credit providing a reliable option to put money back into your business. It provides a dollar-for-dollar reduction of taxes.

Many people may hear the word “research” or “R&D” and think they don’t qualify, but this is likely not true! It is important to note that the U.S. Government has put these incentives in place and wants you to take full advantage of them.

In order to qualify for the credit, the taxpayer can conduct activities to improve business processes, products, or improve and/or develop software solutions. Day-to-day activities qualify for the credit. Below is a sample of industries that often have qualifying activities resulting in significant tax credits.

Transcend with Us

Transcend Tax wants to help you and your business take advantage of R&D tax credits and incentives so you can retain the income you have worked so hard to achieve.

We are a firm with strong skills and values providing first class service to our clients with a goal of exceeding expectations.

Our Approach

Transcend Tax works directly with companies to help identify and document qualified activities for the R&D credit.  We also work with CPA firms to supplement R&D tax credit services to mutual clients.

The following depicts our client focused process.

STEP 1: YOU WILL QUALIFY

Let us help you understand the R&D credit and its potential impact to your business.  This brief, initial discussion will provide you with essential information to determine if the R&D credit is an opportunity for your business.  Your day-to-day activities could qualify for the incentives.  Contact Us.

STEP 2: SET UP AN ASSESSMENT

We will work with you to determine your potential credit benefit and ROI.  This is a comprehensive assessment conducted at no cost to you. This phase will be customized to meet your needs.  We value your time and, therefore, this assessment typically takes one to two hours.  After this assessment you will be provided with the necessary information to make a business decision regarding the credit.

STEP 3: ENGAGEMENT

Let's partner!  During this phase we are engaged to perform an R&D study to thoroughly identify and document your R&D activities.  At the end of this phase, you will be provided with a thorough report documenting the credit and the qualified activities.  During this phase, we will work with your CPA to file the proper tax returns.

Sample of Industries Claiming the R&D Tax Credit

  • Aerospace
  • Agriculture
  • Automotive
  • Custom Equipment/Machine
  • Electronics
  • Food and Beverage
  • Furniture
  • Manufacturing
  • Medical Device
  • Metal Processing
  • Pharmaceutical
  • Plastics
  • Software Development
  • Tool and Die

Sample of Activities that Qualify for the R&D Tax Credit

  • Improving manufacturing processes
  • Developing a new manufacturing process
  • Developing or improving products
  • Developing or improving dies, molds, or tools
AEROSPACE-01
AGRICULTURE-01
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ELECTRONICS-01
FOOD AND BEV-01
FURNITURE-01
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MEDICAL DEVICE-01
METAL PROCESSING-01
PHARMACEUTICAL-01
PLASTICS-01
SOFTWARE DEVELOPMENT-01
TOOL AND DIE-01