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process, to show costs by project, and to establish a nexus between
qualifying activities and expenditures. Examples of documentation
may include:
• Time tracking and project tracking
• Product or project specifications, descriptions or proposals
• Support for supplies and materials used in the conduct of
research
• Contracts with consultants and customers
• Email communication
If your company is engaged in any of the above activities, you
may be able to claim the R&D tax credit. If your goal is to improve
operations with technology now or in the future, an R&D tax credit
professional experienced in wood packaging can help you to
understand how to document your R&D efforts. Be sure to contact
your tax adviser to determine if you are eligible for the R&D tax
credit.
PC
BUSINESS
Jill Neuvirth is President of Monetek. Monetek offers companies
of all sizes a unique mix of expertise to maximize their tax credit
opportunity. Phone Jill at 248-982-7646, or visit www.monetek.com.
R&D Tax Credit Sidenote
Over 100,000 U.S. taxpayers claimed more than
$12 billion in federal R&D tax credits in 2014 for work
their companies performed on a day-to-day basis.
While there's no question that large, Fortune 500
companies account for a significant portion of the
overall research performed and the credit dollars
claimed each year, it's important to note that the
R&D credit isn't limited to large companies with
established R&D departments.
Contact your tax advisor to learn more specifics
about your eligibility for R&D tax credits, and visit the
IRS website – http://bit.ly/2jBSbj3 – for tax tips on
research and development for manufacturers.
