Did you know that software developers overpay their Taxes by over $30,000,000,000 (Billion) dollars every year in the United States Today? According to the IRS, They now hold over $110 Billion dollars from overpaid taxes by US businesses by not taking advantage of the Research & Development Tax Credit Program.
As far as software companies are concerned, The R&D Tax Credit pertains to you if you have developed, improved, enhanced, modified or created new processes to remain competitive. Even though the R&D Tax program is incredibly complex, it allows for experimental activities as well. And for many software development companies, they miss taking the actual Tax Credits.
In a nutshell, even though your taking the deductions for the expense accrued for either improving or experimenting on new developments, you maybe entitled to receive dollar for dollar "Credits" for those expenses. Yes you read that right!
The IRS state that only 5% of businesses ever take advantage of this available tax credit. I'm sure that the Research and Development section of the Tax Code being over 6,000 pages long wouldn't have anything to do with that. The Truth is, we as business owners leave these things up to our CPA's to ensure we're only paying our Tax obligations. Unfortunately CPA's are not familiar with the entire Research & Development Tax Credit.
While most Tax professionals and CPA Firms are excellent at what they do, they are not Tax Code Experts, and there is where the problem lies. In order to take full advantage of these Tax credits you need to utilize "Specialists" in the Tax Code. That's where AmCorp Management come in. We can provide 100% Risk Free solutions that can create an immediate "Cash Windfall" for your company.
Wednesday, September 10, 2008
Software Development Executives Create Billions In New Revenues From Overpaid Taxes
Labels:
AmCorp Management,
Corporate,
CPA,
R and D Tax,
Research and Development,
Tax Code,
Tax Credits,
Taxes
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