Discover the R&D Tax Credit for Inventors
Every inventor I talked with over the last couple of weeks had no idea that an R&D tax credit might apply to them. “Are you kidding me??” is the most common response. Many inventors are wondering why their accountants didn’t even know about this valuable tax benefit!
So, what is the R&D tax credit and how long has it been around? The R&D tax credit is designed to encourage inventors to innovate, and it has been around for decades. Imagine that! The government actually trying to help you create something new!
Why Didn’t We Know About It?
Many inventors don’t realize that everyday products like kitchen gadgets, pet products, and sporting equipment qualify as research and development (R&D) products. The truth is, most of the products inventors are developing do qualify because they involve research and development steps.
Educate Your Accountant
Inventors, you need to educate your accountants about this credit as most of them don’t know it’s an option. They need to delve deep into the tax code to find it. Another important detail is that you can go back three years to claim this credit.
Why It’s Important
Inventing is hard enough! Finding out about the R&D tax credit can provide significant financial relief. Here are the links to the information you need: ADP R&D Tax Credit.
Follow Invent-America
Stay informed with Invent-America as we continue to provide updates on this topic and other common issues inventors face.
Resources for Inventors:
- Invent America Radio: Invent America radio is always looking for inventors to be on the show. It’s free for the American Inventor to join us. Just fill out the form on the website: Invent-America.
- Service Providers: Inventors need multiple service providers to get a product to market. One bad service provider can make the difference between success and failure. If you need access to good vetted service providers, let us know. We have many in all categories.
- Inventors Roundtable: Join us at the monthly Inventors Roundtable meetings. There are two virtual meetings a month where inventors can meet and visit with other inventors from around the country. The meetings are free, and inventors learn a lot from talking to other inventors. Inventors Roundtable.
