Do you care about your company’s bottom line? Do you want to demonstrate that you have a business focus that is wider than your technical field? Then give the Research & Development (R&D) tax credit some serious consideration.
This might look like a tax issue that is something only the bean counters have to worry about. In fact, the accountants rely heavily on the engineering/technical staff to identify projects that could qualify for the R&D tax credit. Without you, they have no basis for making the claim so be proactive about this issue.
The R&D tax credit has been around for more than ten years, but it is only in the past few years that claims have really accelerated. In recent times, the availability of the tax credit has expanded significantly and the method of calculating the credit has been simplified.