Many businesses are leaving money on the table. They often mistakenly believe they can’t use R&D Tax Credits because their employees aren’t in the science or technology fields. But that’s not true. R&D Tax Credits offer an avenue for increased savings for companies in all kinds of industries, including contractors.
Finding new ways to save you money with R&D Tax Credits is one of our specialties at Cunningham and Associates. Here’s how we did it for a local contractor.
The Client: A Plumbing and Heating Contractor
A plumbing and heating contractor from the greater Boston area with $3M annual revenue came to us for help with a specific tax strategy — R&D Tax Credits for design-build companies.
The client had heard about how R&D Tax Credits could save them money from a colleague. We were more than happy to help our new client save on their taxes and use that money toward growing their business.
Strategy
First, we conducted a preliminary review of the client’s business tax returns at no cost. We found additional opportunities for tax savings during our research besides the R&D Tax Credit — entity optimization and accounting method changes. In light of this new information, we found it beneficial for the client to develop a full scope, addressing each new savings opportunity.
Results
Thanks to the preliminary review and the full scope, the client saved over $120,000 in R&D Tax Credits. Our work also enabled the client to realize additional tax savings through entity optimization and annual business tax credits.
Contact Us for Increased Tax Savings
Don’t think your business qualifies for R&D Tax Credits? You may be surprised. Give us a call today at (508) 687-6329. Or contact us online to see where you might be missing out on increased tax savings with the R&D Tax Credit scheme.
