Small to Medium
Growing a business eventually requires developing new products, technologies, systems and sometimes even industries. This growth is vital not only to the success of your individual company but also to the success of the overall economy, which needs innovation to continue growing.
However, innovation requires expensive research and development. In many cases, attempts at innovation fail, with no return on investment, or require multiple stages of development before becoming profitable. These costs can discourage businesses from investing in research and development. This is especially true for small businesses, and that's where the R&D tax credit can help America's small businesses.
Many small businesses don’t understand they’re eligible to claim the R&D credit and continue to miss out on money they’ve already earned. These available incentives and credits are programs that small businesses are entitled to - but often don’t have the internal resources to go about handling on their own.
For years, politicians have used targeted tax breaks to try to influence business behavior. But business owners, particularly at small and medium-size companies, complain that many of these tax breaks are either too cumbersome or too confusing. Although numerous companies try to take advantage of tax credits and incentives, less than 5% are taking them correctly due to lack of expertise and time.
Self-censoring is the biggest road block to companies taking the R&D tax credit. Too often small and medium businesses act as if there were a velvet rope keeping them from taking the R&D tax credit.
Fact: More than 95% of all U.S. companies are considered small businesses. Fact: 89% of all jobs in America are provided by businesses with less than 50 employees. Small business is the backbone of America.