R&D Tax Credit Filing Dates
As winter begins to take the backseat, the season of spring indeed brings many welcome changes. From the warmer weather to the abundance of flowers, the season signifies a period of transformation. However, the rays of sunshine and the shedding of clothing layers also marks an important time of year on many business calendars. Tax Season.
Undeniably, tax season is full swing, which means it’s time to start filing for federal tax returns by the April 15th deadline. When it comes to deadlines pertaining to the Research & Development (R&D) Tax Credit, the following applies:
|Company Type||Original Filing Date||Extension Filing Date|
||April 15, 2016||October 15,2016|
||March 15, 2016||September 15, 2016|
As the cut-off for lodgement of R&D Tax filing approaches, companies should now be turning their focus to the preparation and registration of their R&D tax Credit claim. The Research and Development (R&D) tax credit provides an estimated $10 billion in annual tax savings for U.S. companies; however the credit remains under-claimed by the majority of qualifying businesses. The eligibility for the credit is much vaster than assumed and the credit’s definition of “R&D” is more expansive than just white coat research taking place in a lab. In effect, if you are making a product or process faster, cheaper, greener or more efficient — counting nearly all software and technology development done in the U.S. — then you may qualify.
Tax savings can hugely benefit businesses by injecting money back into the company. Don’t miss out on claiming the R&D Tax Credit this year – Contact Texas Tax Credit today if you would like to know more about how the R&D Tax Credit works and if you’re eligible.