Does your manufacturing company develop a new or improved product or process? If so, you are likely eligible for a valuable corporate tax credit!
Since 1981, companies of all sizes have been able to enjoy the benefits of the R&D credit, with companies in the manufacturing industry accounting for over 60% of the annual credits claimed by taxpayers. Sounds like great news, but the fact is only 1 in 20 manufacturers claim the R&D credit. Many small and medium-sized manufacturing companies are eligible for the R&D credit, but they frequently and erroneously believe that only companies developing or manufacturing products new to the world are eligible for the credit and therefore miss out an opportunity to substantially save their company money each year.