Strike enables all businesses to take advantage of tax incentives, such as the R&D tax credit available to them—with no out-of-pocket costs.
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The R&D tax credit is a $22B government tax incentive to reward U.S. companies for their investments in innovations and technology advancements. All expenses must undergo The 4-Part Test to qualify. These could be wages, supplies, software/cloud service, or even contract research.
The R&D tax credit reduces federal taxable income, meaning that businesses receive a dollar-for-dollar tax credit and still get to deduct expenses related to research and development.
There’s no limitation on the expenses and credits that you can claim each year. If you can’t use the federal R&D credit immediately or entirely, any unused credit can be carried back one year or forward for up to 20 years. Carryover rules vary from state to state.
Many states (but not all) offer the tax credit, which usually follow federal regulations and IRS guidance on what constitutes Qualified Research Expenditures (QREs).
New businesses or start-ups may be eligible to apply the R&D tax credit against their payroll taxes for up to five years. The company can claim a max of $250,000 per year.
I was introduced to Strike Tax Advisory in 2022 from a partner, and they told me I was eligible for several R&D tax credits because we had been building proprietary software for so many years. I worked with Ryan and Tom during this entire process. They filled out all of the paperwork for me, presented me with the numbers they could help me recuperate, and I got a substantial tax credit from their work. I highly recommend Strike to anyone who is looking to get R&D tax credits, these guys are the real deal!
It was a straightforward process with you and your team and the turnaround time was excellent. We appreciate that tremendously.
After we engaged Strike, their team went to work right away to gather detailed information and conducted interviews in a comprehensive evaluation of the qualifying R&D activities. We are very pleased with their professionalism and timely delivery of a quality R&D tax credit study report.
Strike did an excellent job identifying, documenting, and capturing the R&D tax credits for us. I sincerely appreciate the level of effort, professionalism, and client service the Strike team provided throughout this project.
From day one through completion of the project, we felt as if we had the best in the business overseeing our project and they made us feel as if we were always their top priority. With 3 years of past R&D tax credits captured, we will continue using Strike for all future R&D tax credit management.
Strike immediately began working to gather the necessary information while minimizing the burden on my staff. We look forward to working with Strike for years to come.