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R&D tax credits

Over the last few months, our company spent a good chunk on developing a new snacks. We classified under product development in our book. I have heard that there are certain R&D tax credits that companies are able to take advantage of. Does product development costs would qualify under this?

Answers

Topic Expert
Patrick Dunne
Title: Chief Financial Officer
Company: Milk Source
(Chief Financial Officer, Milk Source) |

Yes it does. R&D gets extended each year by Congress. You can capture all associated costs for the production of a product. This would even include trial costs related to products that you sell to customers. Consult with your tax preparer and they can direct you on how to capture and what gets reported on your tax return.

Anonymous
(Accounting Manager) |

Great, thanks. This is really helpful.

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