NOTE: Businesses that file an income tax return deducting qualified wages before filing an employment tax return claiming a tax credit should file an amended income tax return to correct any overstated wage deduction. You can read more on this IRS page. Services being offered do not require a state license.
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R&D TAX CREDIT
The IRS utilizes a 4-part test to identify eligible research. To qualify, your Research and Development activities must:
How Omega Differs
Many companies offer advice on tax incentives. At Omega, we don't just engage with customers, we build lasting relationships. Our team will continue to work with you year after year to recoup the maximum credit for your innovation efforts. As an ongoing partner, we help your team create internal processes to capture all qualified expenses and offer suggestions and support to take full advantage of the R&D incentive.
Do you qualify for the
R&D TAX CREDIT?
The R&D tax credit is a special tax incentive that rewards businesses for developing or improving products or processes, regardless of industry. This tax credit equates to a dollar-for-dollar reduction in federal tax liability, and it’s accepted in 38 states. Based on your R&D expenses, the credit offers an immediate source of cash to jump-start new research or provide cash liquidity for your business. With the ability to retroactively claim the R&D tax credit for up to 3 years (4 in some states), many companies are eligible to receive significant cash recoveries.
You Could Save Tens or Hundreds of Thousands of Dollars with the R&D Tax Credit!
What is the
R&D Tax Credit?
Develop or improve products, business processes, or techniques
Undertake a process of experimentation or trial and error
Attempt to solve a technical uncertainty
Fundamentally rely on hard science principles
To qualify, your company does NOT need to make groundbreaking discoveries that advance your entire industry. Instead, research must only be new to your company.
Keep more of your profits
Reduce federal and state tax liability for past, current and future years
There is no limit to how many years into the future that the credit may be claimed
Our experts work closely with your team to maximize your credit potential every year.
Identification & Discovery
Our team conducts a full analysis of your business and operations to identify research projects and determine what can be claimed toward the R&D credit.
STEP 1
Working alongside your CPA and accounting staff, we gather and review expense-related data to quantify your business’s eligible benefit.
Quantification
STEP 2
We take a deep dive into the qualifications for each R&D effort, conducting interviews and gathering documentation to verify each expense.
Qualification Review
STEP 3
Once the credit is calculated and substantiated, we work with your team to facilitate a seamless tax filing process, including the preparation of an executive report and audit-related support should your claim ever be reviewed.
Substantiation & Report
STEP 4
We partner with clients to identify existing R&D tax credits and to recommend and implement procedural changes within your organization to help you maximize your benefit year after year.
Maximize Annually
STEP 5
Omega Accounting Solutions is not just another tax credit expert — we equip small business owners with big-business resources, empowering strategic decision-making through business intelligence, fractional accounting, and analytics. We fuel your growth with honest and insightful reports that help refine your business plan, boost efficiency, and maximize your tax credits. With significant returns in tax incentives secured for our clients, our experienced team has served a wide range of industries nationwide. Founded in 2007, Omega is committed to helping small businesses thrive.
LESS COMPLICATED | MORE ACCURATE
Calculate Your Potential R&D Credit Amount
Does the concept of R&D make you think of science labs or software companies?
If so, you may believe your company doesn’t qualify for the annual R&D tax credit and miss out on taking advantage of this valuable savings tool. The good news is that the R&D tax credit is available to a much wider range of industries. Here are just a few of the industries that may qualify for the R&D tax credit:
MANUFACTURING
PROFESSIONAL
SERVICES
RETAIL
WINERIES
BREWERIES
CONSTRUCTION
HEALTHCARE
HOSPITALITY
Get rewarded for your innovation
The Research and Development (R&D) tax credit encourages U.S. companies to conduct innovative research and advance technology.
* Subject to changes based on contractor expenses utilized, raw material expenses, & rental/lease costs of computer space
** This estimate is in no way a warranty or guarantee of a realized monetary benefit due to you. This is only an estimate based on our experience with the R&D tax credit.
Less Complicated
More Accurate
Call Today!
(949) 490-3160
R&D TAX CREDIT
R&D TAX CREDIT
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Think your research doesn't qualify?
Think again!
THE R&D DISCOVERY RULE
Why apply for the
R&D TAX CREDIT?
R&D TAX CREDIT
R&D TAX CREDIT
How it works
AGRICULTURE
ENGINEERING
SOFTWARE & TECHNOLOGY
BIOTECH & PHARMA
