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10 hours ago Tax Lawyers

Mistakes to Avoid When Claiming R&D Tax Credits

Claiming R&D tax credits can deliver meaningful savings to companies investing in innovation. But it’s easy to get tripped up along the way. Too many businesses either miss out on potential refunds or draw unwanted attention from tax authorities. This is all because of avoidable missteps. We explain what goes wrong and how to sidestep the common problems.  

Misjudging What Qualifies

  Thinking that only large-scale innovation counts is a common error. Any attempt to resolve technical uncertainty or make an improvement in process, product, or software may qualify. Even if the outcome isn’t successful.   What to do:   Understand the basic principles behind eligibility. You’re looking for activities that involve experimentation, problem-solving, technical refinement, etc. Talk to a tax credit specialist if you’re unsure. Getting a second opinion early on can shape your claim the right way.  

Poor Recordkeeping

  No matter how legitimate the R&D work is, your claim won’t hold up without records. Time logs, project notes, design iterations, etc., all matter.   What to do:   Document your work from the start. Log the hours of anyone involved in technical work. Track expenses tied to tools, materials, and outsourced development.  

Ignoring Filing Deadlines

  There’s no extension when it comes to R&D credit deadlines. Miss the window, and the benefit’s gone.   What to do:   Build the timeline backwards. Plan early and know your cutoffs. Don’t try to cram the paperwork in at the last minute.  

Going It Alone

  Trying to figure out tax credit rules without support is asking for trouble. One wrong assumption can shrink your refund or trigger a review.   What to do:   Work with someone who knows the system. A specialist in R&D tax credits can spot missed opportunities and help you through the details that matter most. R&D tax credits can be a solid return on your company’s investment in progress. Just don’t let simple errors chip away at what you’ve earned.
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