Number Crunching: Free Booklet Zeroes in on R&D Tax Credit
Thu, 07/05/2007 - 5:28am
A new booklet that provides a synopsis of the R&D tax credit in everyday language, including what expenses qualify and the documentation required, is being offered by CCR Cost Recovery Services LLC, Westborough, MA. The free booklet provides answers to the six most common questions asked about this investment tax credit for increasing research. They include an explanation of why tax credits are offered, how the IRS defines R&D, what expenses are eligible, how the credit is calculated, and a listing of what kinds of technical and financial records are required. Prepared by a team of technologists and engineers who specialize in helping manufacturers, producers, and others take advantage of federal and state tax incentives, the booklet describes tax credits that can amount to as much as 20 percent of the costs incurred in developing new products and manufacturing processes as well as improving existing products and services.