{"id":128,"date":"2021-04-21T00:09:01","date_gmt":"2021-04-21T00:09:01","guid":{"rendered":"https:\/\/www.thinkastute.com\/blog\/?p=128"},"modified":"2023-11-26T00:11:51","modified_gmt":"2023-11-26T00:11:51","slug":"manufacturing-firms-dont-miss-out-on-your-rd-tax-credit","status":"publish","type":"post","link":"https:\/\/www.thinkastute.com\/blog\/manufacturing-firms-dont-miss-out-on-your-rd-tax-credit\/","title":{"rendered":"Manufacturing Firms\u2014Don\u2019t Miss Out on Your R&D Tax Credit"},"content":{"rendered":"

Mention the words \u201ctax break\u201d in any business setting, and heads turn. If there\u2019s a way to save a company money, people want details. But when you hear it\u2019s an R&D tax credit\u2014and you\u2019re a manufacturing firm\u2014it may not sound like headline breaking news. You may have always assumed that other industries, such as big pharma and technology, have the corner of the market. So you tune it out.<\/p>\n

We want to dismiss these misconceptions; manufacturers are actually optimal candidates for the R&D tax credit. Inherent to their industry, they continuously strive to improve their processes and products.<\/p>\n

Take a look at the cold, hard facts: the manufacturing industry captures over $7.4B in R&D tax credits annually! Innovation is the driving force behind the manufacturing industry, and the government is proceeding full steam ahead to encourage expansion and growth.<\/p>\n

The secret is out <\/strong><\/div>\n
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The vault holding billions of dollars is wide open, just waiting for companies to stake their claim. Yet only about 20% of manufacturing companies are aware of this massive government incentive. And while thousands of other companies across industries do know about the tax credit, they are unaware they may be eligible\u2014so they don\u2019t even claim it. Another overlooked news flash is that recent legal changes have been in favor of businesses; Congress expanded the tax credit eligibility to over 40 industries.<\/div>\n

 
\nThis insufficient knowledge and rampant spread of misinformation is costing manufacturing companies a fortune. The R&D experts at Astute have been successfully helping manufacturing companies take advantage of these tax savings. We are on a mission to continue to spread the good news to small and mid-size companies that they may receive federal credits, just like the major power players do.<\/p>\n

What type of manufacturing projects can qualify? <\/strong><\/div>\n
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The manufacturing industry has a vast assortment of work products and processes under its umbrella, ranging from iron casting to injection molding. And to stay in business, they must innovate. Some examples of eligible innovations within the manufacturing industry include:<\/p>\n