R&D Tax Credit

The federal (and some state) government wants to incentivize innovation. Expenses related to research and development are tax deductible for businesses of all sizes. There is a four part test to establish eligible expenses. Consult a tax professional for help identifying all qualified expenses. Engineering & product development consulting fees should qualify for a dollar for dollar reduction in your taxable income.

*I am not a tax professional. Contact a tax professional for advisement on the R&D tax credit or any financial decisions.