Season 2: Episode 1: R&D Tax Credits: Does Your Company Qualify?
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Have you considered taking advantage of the Research & Development (R&D) Tax Credit as part of your tax minimization strategy? Many companies are surprised to learn that activities they already do to improve their product or service will qualify for this credit, and the savings potential can be immense. In this episode, we sit down with Smith Miller, the founder of Strategic Tax Solutions, to talk all things R&D. We'll explore the history behind the R&D tax credit, identify those that qualify and how it is calculated, as well as an update on the current status of legislation on the table with major impacts to this credit.
- 0:40 - Introductions
- 2:18 - History of the R&D Tax Credit
- 3:54 – How to qualify for the R&D tax credit
- 4:48 - 4 part test for qualification
- 5:42 – Examples of companies that qualify
- 6:08 - Calculating R&D Credits
- 8:07 - The 3 major components of cost that go into R&D Credits
- 9:10 - Minimizing risk of being audited when claiming R&D Credits
- 12:00 – Tax Cuts & Jobs Acts affect on R&D
Link to: Strategic Tax Solutions Website
Link to: Smith Miller's LinkedIn
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