Premier R&D Tax Credit Services in Las Vegas, NV
Sustainable business growth requires innovation, and innovation requires extensive research and development. But did you know you can stay ahead of your competition and save money by claiming applicable research & development tax credits?
The R&D tax credit was established in 1981. It allows businesses to save while they are experimenting and innovating. The R&D credit reduces federal taxable income. This means your business receives a dollar-for-dollar tax credit and can still deduct expenses related to research and development endeavors. However, you must closely track and record all qualified research expenses (QREs). Some key benefits of R&D tax credits include:
States have different rules for their own R&D tax credits, but the “Protecting Americans from Tax Hikes Act,” or the “PATH Act, made federal R&D credits a permanent option. When you team up with the Haynie CPA firm, you’ll benefit from our extensive experience calculating R&D tax credit for small businesses and large businesses all across the country. It is our goal to save you money and uncover every potential tax benefit you and your business can take advantage of!
For more information about R&D tax credits in Las Vegas, read on below. To speak with our R&D tax credit specialists about this tax break and your eligibility, please reach out to our Las Vegas CPA firm.
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Since our founding in 1960, Haynie has helped individuals and businesses to manage their financials. We take the time to understand your financial concerns and provide you with viable solutions. To learn how we can help you, contact our Las Vegas CPA firm by phone (702) 242-3444, or send us a message through our contact form.
Is R&D Tax Credit Available in Las Vegas, Nevada?
Unfortunately, the state of Nevada does not have research and development credit. However, as a Las Vegas based company, you may still be eligible for the federal R&D credit. With help from Haynie, it’s simple to save! Reach out to the R&D tax credit specialists at Haynie CPA firm now for more expert guidance.
What is the “Startup Provision?”
To offset payroll taxes, startups in Las Vegas could qualify for up to $1.25 million (or $250,000 each year for up to five years) in federal R&D tax credit. In order to be eligible, the start-up companies must not exceed the following:
Who Can Claim Research & Development Tax Credit in Nevada?
Although there is no Nevada research & development tax credit, there are federal options available for you to explore. Any company engaging in activities to develop or improve its products, processes, software, or formulas in a manner that requires technical research and experimentation might qualify for the R&D credit.
Still, claiming these tax credits is a complex process. Las Vegas companies attempting to claim R&D credit on a federal level need to provide evidence (like dated receipts and invoices, contracts, progress reports, lab results, etc.) for all qualified research expenses. It is important for all evidence to be dated, since you must prove the activities occurred during the appropriate fiscal year(s). If you do not keep appropriate records and still try to claim an R&D tax credit, you may be audited.
Furthermore, R&D tax credit eligibility requires hard science. Most companies engaging in these activities within the United States can claim the R & D credit:
What Qualifies as R&D Expenses in Las Vegas?
Las Vegas businesses can claim federal R&D credit by filing IRS Form 6765, Credit for Increasing Research Activities. However, according to the Internal Revenue Code (IRC) Section 41(d) and Section 174, all of this qualified research activity must also pass this four-part test:
For professional help calculating and claiming your Las Vegas R&D tax credits, contact the tax professionals at Haynie.
How We Can Help You With Payroll Taxes, R&D Tax Credits, and More
Research and development tax credits exist to encourage innovation in a broad variety of industries—but less than one-third of companies that qualify for R & D credits actually apply for them. As a Las Vegas business owner, you must stay up-to-date on state and federal income tax liability and payroll tax liability so you don’t miss out on important opportunities and credits.
If you’re considering applying for the R&D tax credit, here’s how we help:
Contact Haynie CPA Firm in Las Vegas, NV
When it comes to the future of your business, don’t take a gamble. With audit defense, income tax preparation, financial planning, and proactive insights that help your business grow to new heights, Haynie is the Las Vegas CPA firm you can trust. Decades of experience and a thorough understanding of internal revenue service code and tax liability mean we leave no stone unturned in our quest to save you money.
To find out if you qualify for R&D tax credits and learn how to leverage every possible tax break available to you and your business, contact Haynie’s dedicated tax professionals.
