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Many taxpayers do not realize that the R&D tax credit is available to businesses of all sizes in many categories, not just significant corporations conducting tests in research labs. Under the current tax code, any company that develops or improves products or processes may be eligible.
Many are unaware of the R&D tax credit, and those aware may not believe it applies to them. Luckily, the regulations permit eligible taxpayers to "look back" to all open tax years for potential unclaimed tax credits.
This is for informational purposes only. If you are interested in hearing more about our services, we are a CPA firm specializing in tax planning and preparation, virtual CFO services, accounting, and tax resolution.
Palma Financial Services, Inc. ("PFS")has helped small business owners minimize income taxes and build wealth since 1998.
PFS has achieved positive results for its clients, but our top clients' successes are not typical. Because past performance is not a predictor of future success, you may have more or less success depending on many factors, including your background, experience, work ethic, client base, and market forces. Additionally, at times we may discuss the law or new and pending legislation. Please know our understanding of it is continuously changing. You cannot and should not rely upon these communications for legal, financial, or accounting advice. For the latest updates, set up a time here.