Research and Development Tax Reporting
Within a month, we had a new code in place and began beta testing it with a valued customer. Since then, we’ve added several features, along with a new report in order to help users claim their tax credit, which can be up to $500,000 per year!
How it works:
- An interface helps users track the R&D related expenses to each job.
- Users are able to classify these costs into general R&D, as well as Sales, General, and Administration. (SG&A) costs.
- A tagging system quickly identifies jobs that may be eligible for the tax credit, within a specific fiscal year.
- A final report shows the breakdown of labor and work station costs associated with each job during the financial year in question. The buyout costs and SG&A costs for the project are also included.
With this information in hand, approach your accountant and start planning your savings!