R& D Tax credits for Labs

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MrJack

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I have been looking into R&D tax credits for labs and was wondering if anyone has taken advantage of these and maybe could share your thoughts
Jack
 
Jason D

Jason D

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yes, they are a great tool to offset the tremendous work of validating new products and methods since the manufacturers often make us 'free beta testers' or 'guinea pigs' for products.

however... they represent a lot of time accounting for expenditures of time and materials in the testing processes and you need to understand the qualifications for 'qualified projects' under IRS guidelines. If you are unsure, consult a professional in this specific area of expertise. I can say that the amount they have allowed us to recoup has been significant. very much depends upon the size fo your organization and the types of work you do and amount of new products and materials you work with each year.
 
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Jason
Thank you i know there are a few companys that will help with that. one is in JDT named Alliant Group has anyone used them before?
Jack
 
Toothman19

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I had someone reach out to me today from LeytonUSA. Is this legit?
 
TheLabGuy

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I had someone reach out to me today from LeytonUSA. Is this legit?
LeytonUSA is legit. However, how much can you attribute to R&D? Leyton will make it sound like you can get tens of thousands and that very well may be the case IF...you have many R&D projects, followed a strict R&D protocol, accounting of all materials, time, labor, equipment used in specific dollars and cents. Doing lab work like we do is not considered R&D, although it's custom (specifically made for one person),our daily lab work doesn't constitute R&D unless it's a specific job (not being used on patients) with the log books/paperwork to prove it with documentation.
 
Toothman19

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LeytonUSA is legit. However, how much can you attribute to R&D? Leyton will make it sound like you can get tens of thousands and that very well may be the case IF...you have many R&D projects, followed a strict R&D protocol, accounting of all materials, time, labor, equipment used in specific dollars and cents. Doing lab work like we do is not considered R&D, although it's custom (specifically made for one person),our daily lab work doesn't constitute R&D unless it's a specific job (not being used on patients) with the log books/paperwork to prove it with documentation.
That was pretty much about right. They said I can get about $25k based on some of my basic numbers and that they take a 25% cut. They go through a 4-6 evaluation/study to help you file everything properly. I'm certainly planning on looking more into this. I'll let you know how it goes
 

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