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ubcnewsworld
Business & Economics
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How can tax credits help firearms and ammunition manufacturers during uncertain The R&D Tax Credit was first introduced in the United States through the Economic Recovery Tax Act of 1981. Though this tax credit was originally only anticipated to last for two years, the PATH Act of 2015 permanently extended the R&D Tax Credit due to the immense value that research and development brings to the U.S. These credits can also be taken every year! These R&D tax credits raise engineering companies' bottom line, allowing them to continue doing what they do best - solve the world's problems. In order to qualify for the credit, There is a four-part test used to determine whether a company has a project that qualifies for the R&D Tax Credit. Once a company determines that their project meets these criteria, three expense categories factor into the tax credit calculation: Wages include the eligible portion of taxable compensation. While almost all disciplines within the engineering industry are capable of qualifying for these R&D tax credits. One of the disciplines that routinely claim these tax credits each year include Firearms and Ammunition Manufacturing. Even if a manufacturer isn't necessarily working to improve their current weapon design, they are likely involved in R&D to reduce their production costs and increase throughput which often qualify under the R&D Tax Credit. Whether you own a small business, work for a large corporation, or fall somewhere in between - if your company operates within the engineering industry there is a good chance that your projects qualify for R&D Tax Credits. LEAF Specialty Tax Consultants focus exclusively on helping companies like yours take advantage of R&D Tax Credits allowing you to continue to innovate while maximizing your profitability. Contact Us At: https://www.leaftaxcon sultants.com/
