Let’s get this out of the way first: Manufacturers are leaving money on the table.
If you’re a US manufacturer and you have yet to take advantage of the R&D tax credit, you need to listen to this episode.
This week, we are joined by Jessie Cahill and Scott Hamilton, who are both experts in Research & Development Tax Credit Services at CohnReznick. These two are helping put money back in the pockets of manufacturers through the R&D Tax Credit.
In this episode of Manufacturing Happy Hour, you’ll get a bit of tax advice for free. Jessie and Scott explain the benefits and process behind claiming for R&D tax credits.
They dispel some common myths and urge everyone in manufacturing to check if they’re eligible. It’s not just the guys in lab coats who get approved. As long as you’re creating, designing, or improving something, you could be in with a shot to save some serious cash on your tax bill.
3 Quick Things from this Episode
- R&D tax credits are an overlooked scheme that could save manufacturers thousands off their tax bills.
- R&D isn’t just for the guys in white lab coats inventing new things. It’s for anyone who’s building, designing, or improving things – that means most manufacturers are eligible.
- Claiming R&D tax credits is easier than you might think. It all starts with a simple phone call to your accountant.
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- “It’s really a broad credit. So most companies are going to qualify for this.” – Jessie Cahill
- “You don’t think of R&D, and people making little fixes and changes, as really counting towards it, but it does.” – Jessie Cahill
- “What I like to tell clients is, if you’ve got people in the United States, working on smart stuff,
- then you probably are eligible for the credit.” – Scott Hamilton
Please Scroll Down for Recommended Resources from this Episode
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TriNet provides small and medium sized business with full-service HR solutions tailored by industry. They offer access to human capital expertise, benefits, risk and compliance, payroll, and real-time technology. If your business needs an HR partner, then make sure to check out TriNet on Episode 35 of the podcast.
Interested in generating leads through videos, podcasts, or other digital content? Then make sure to check out our 6 Strategies for Growing Your Manufacturing Business Using Social Media.
What We Discuss with Jessie and Scott
- What R&D tax credit is
- Who can qualify for tax credit
- The top activities that qualify for R&D tax credit
- How manufacturers can be more proactive about tracking what’s eligible for tax credits
- CohnReznick LLP, a leading advisory, assurance, and tax firm helping forward-thinking organizations achieve their vision with extensive expertise in the R&D Tax Credit
- Five Boroughs Brewing, a brewery and taproom in the heart of Sunset Park, Brooklyn
- Hi-Time Wine Cellars, specializing in tequila, this wine & spirits shop is located in Costa Mesa, CA
Connect with Jessie and Scott