Tax Credits &
       Incentives

Research and Experimentation Tax Credits

The federal government and many state tax authorities have provided a credit for businesses that invest in research and experimentation. The definition of costs qualifying for the credit is different than what many businesses view as customary research and development activities. Creating new products, developing process changes, and implementing new manufacturing methods are common creditable activities.

Brady Ware’s expert tax team brings significant experience in identifying business activities that may qualify for the Research and Experimentation Tax Credit. This credit is not a deduction. Instead, the credit is used as an actual reduction of your income tax liability. Our review will ensure that you receive any share of this valuable credit for which you may qualify, thus giving your business a competitive advantage and improving cash flow.

Brady Ware’s tax team will partner with you to develop a customized approach to your credit study. Examples of our credit services include:

• Tax Credits Calculations – Review Prior Year Credit Calculations
• Tax Credits Current Year – Analyze Creditable Activities
• Tax Credits Study – Perform and Document Credit Studies
• Tax Credits Future – Plan for Use of Future Credits

Many common business innovations meet the qualification standards and are eligible for the Research and Experimentation Tax Credit. Our tax professionals have helped many businesses calculate and take advantage of their credit. We can help yours, too.

Renewable Energy Credits

The Inflation Reduction Act (IRA) has significantly expanded federal tax credits for businesses investing in clean energy technologies. Businesses can now benefit from the Investment Tax Credit (ITC) for qualifying renewable energy systems, the Production Tax Credit (PTC) for electricity generated, and bonus credits for projects located in designated communities. Additionally, the IRS offers tax incentives for purchasing electric vehicles and making energy-efficient improvements to commercial buildings.

Maximize State and Local Tax Credits

By identifying eligible credits, calculating accurate amounts, ensuring compliance, optimizing utilization, and staying updated on tax law changes, we can guide your business through the complex process of claiming these valuable incentives. These credits can improve a business’s bottom line and overall financial health.

Other Tax Credits

Many tax credits available to businesses go unclaimed because of the cost, complexity, and time required to access them. The potential savings simply do not justify the laborious effort involved. But what if your business could hand off the calculation and administration of these federal credits to a trusted business advisor?

Here are just a few of the tax credits that may be available to your business:

• Work Opportunity Tax Credit
• Jobs Creation Tax Credit
• Opportunity Zone Tax Credit

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