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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!
A Special Note: This new feature would not have come about without customer feedback. We’re constantly looking for ways to make your lives easier, so if you have an idea to increase productivity, decrease costs, or improve the quality of your products, please tell your Realtrac sales representative about it.
