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The CFOs and Controllers of every innovative company in America have been watching Congress with baited breath all year. Grant Thornton just shared an important update on Section 174, R&D Capitalization, the debate in Congress, and what it means for you!
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The CFOs and Controllers of every innovative company in America have been watching Congress with baited breath all year. Grant Thornton just shared an important update on Section 174, R&D Capitalization, the debate in Congress, and what it means for you!
The CFOs and Controllers of every innovative company in America have been watching Congress with baited breath all year. As part of Donald Trump's Tax Cuts and Jobs Act (TCJA), the way that American businesses can deduct R&D expenses completely changed this tax year — the new amortization rules will cost innovators dearly.
Because the change was detrimental to companies that have been an engine of growth for America, there was an expectation that the law would be changed before it ever took effect. When a deal was not reached by April, almost every accountant advised clients to extend until October. The thought was that a deal would almost certainly be reached by then — and that it would retroactively forgive the higher rates for this tax year. But, as the Extension Deadline approaches, it's becoming less and less likely that Congress will strike a deal for 2023 taxes.
Here's what Grant Thornton wrote in their newsletter:
"Democrats and Republicans each kept up their share of posturing over the ever-elusive deal to trade child tax credit enhancements for restoring research expensing under Section 174, reinstating 100% bonus depreciation, and providing relief for the Section 163(j) limit on interest deductions. A deal is not likely to come together before government funding is set to expire at the end of September. This will likely leave lawmakers with one-last ditch effort to reach a deal at year-end, well past the extended filing deadlines for calendar-year taxpayers.
All the ingredients remain in place for a compromise: Republicans have signaled they are open to child tax credit relief and Democrats have acknowledged this relief must be proportional to the business provisions. Despite this broad agreement on parameter, lawmakers appear no closer to a deal and still seem reluctant to engage in substantive discussions. The Committee for Responsible Budget tried to jumpstart discussion by unveiling an online tool allowing users to adjust the parameters of the child tax credit to achieve various revenue objectives. The response from lawmakers was muted as they continue to dance around the issue and trade barbs over the costs of each other’s priorities."
Schedule a call with one of our experts if you want to learn more about how Section 174 may affect your taxes this year and how we can help you!
NeoTax
August 24, 2023
1 min read
Industry News
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The apparel industry is a space where innovation is treasured. That means, more likely than not, you're owed money via the R&D Tax Credit. Neo.Tax is here to help you claim it!
Most people think of the R&D tax credit as a tool to help multinational firms invest in expensive lab work and to help tech companies build innovative new products. But in reality, the R&D tax credit is a piece of legislation designed to incentivize innovation across American industries.
The misconception that the R&D tax credit isn’t for all industries means that a majority of eligible companies are missing out on claiming the money they’re owed. That's why Neo.Tax has created the ultimate guide for Apparel R&D Tax Credits.
If you operate in the apparel space, there's a strong possibility that your business qualifies for the R&D tax credit. To be eligible, you need to meet certain qualifications:
Some ways your business may be eligible for R&D tax credits include the following:
At Neo.Tax, we have the expertise, technology, and resources to simplify the process of claiming tax credits. We specialize in assisting businesses, including those in the apparel space, in identifying and documenting qualified expenses to maximize the value of the R&D tax credit. We stay up-to-date with regulatory changes, ensuring that our clients remain compliant with the relevant tax credit legislation impacting their business.
Don't miss out on potential tax credits. Let Neo.Tax help your business navigate the R&D Tax Credit process with ease. Book a call with us today and see how much money you’re owed!
NeoTax
August 23, 2023
1 min read
R&D for Industries
New
Food & Beverage is a space overflowing with innovative thinkers. So, chances are you qualify for an R&D Tax Credit — Neo.Tax is here to help claim the money you're owed!
Most people think of the R&D tax credit as a tool to help multinational firms invest in expensive lab work and to help tech companies build innovative new products. But in reality, the R&D tax credit is a piece of legislation designed to incentivize innovation across American industries.
The misconception that the R&D tax credit isn’t for all industries means that a majority of eligible companies are missing out on claiming the money they’re owed. That's why Neo.Tax has created the ultimate guide for Food and Beverage R&D Tax Credits.
If you operate in the Food and Beverage space, there's a strong possibility that your business qualifies for the R&D tax credit. To be eligible, you need to meet certain qualifications:
Some ways your business may be eligible for R&D tax credits include the following:
At Neo.Tax, we have the expertise, technology, and resources to simplify the process of claiming tax credits. We specialize in assisting businesses, including those in the food and beverage space, in identifying and documenting qualified expenses to maximize the value of the R&D tax credit. We stay up-to-date with regulatory changes, ensuring that our clients remain compliant with the relevant tax credit legislation impacting their business.
Don't miss out on potential tax credits. Let Neo.Tax help your business navigate the R&D Tax Credit process with ease. Book a call with us today and see how much money you’re owed!
NeoTax
August 22, 2023
1 min read
R&D for Industries
New
The misconception that the R&D tax credit isn’t for all industries means that a majority of eligible companies are missing out on claiming the money they’re owed. That's why Neo.Tax has created the ultimate guide for Communications and Media R&D Tax Credits.
Most people think of the R&D tax credit as a tool to help multinational firms invest in expensive lab work and to help tech companies build innovative new products. But in reality, the R&D tax credit is a piece of legislation designed to incentivize innovation across American industries.
The misconception that the R&D tax credit isn’t for all industries means that a majority of eligible companies are missing out on claiming the money they’re owed. That's why Neo.Tax has created the ultimate guide for Communications and Media R&D Tax Credits.
If you operate in the communications and media space, there's a strong possibility that your business qualifies for the R&D tax credit. To be eligible, you need to meet certain qualifications:
Some ways your business may be eligible for R&D tax credits include the following:
At Neo.Tax, we have the expertise, technology, and resources to simplify the process of claiming tax credits. We specialize in assisting businesses, including those in the communications and media space, in identifying and documenting qualified expenses to maximize the value of the R&D tax credit. We stay up-to-date with regulatory changes, ensuring that our clients remain compliant with the relevant tax credit legislation impacting their business.
Don't miss out on potential tax credits. Let Neo.Tax help your business navigate the R&D Tax Credit process with ease. Book a call with us today and see how much money you’re owed!
NeoTax
August 21, 2023
1 min read
R&D for Industries
New
Most people running wineries and breweries would never think to file an R&D Tax Credit. But if you're using innovative processes, you might just qualify!
Most people think of the R&D tax credit as a tool to help multinational firms invest in expensive lab work and to help tech companies build innovative new products. But in reality, the R&D tax credit is a piece of legislation designed to incentivize innovation across American industries.
The misconception that the R&D tax credit isn’t for all industries means that a majority of eligible companies are missing out on claiming the money they’re owed. That's why Neo.Tax has created the ultimate guide for Wineries & Breweries R&D Tax Credits.
If you operate in the wineries & breweries space, there's a strong possibility that your business qualifies for the R&D tax credit. To be eligible, you need to meet certain qualifications:
Some ways your business may be eligible for R&D tax credits include the following:
At Neo.Tax, we have the expertise, technology, and resources to simplify the process of claiming tax credits. We specialize in assisting businesses, including those in the wineries & breweries space, in identifying and documenting qualified expenses to maximize the value of the R&D tax credit. We stay up-to-date with regulatory changes, ensuring that our clients remain compliant with the relevant tax credit legislation impacting their business.
Don't miss out on potential tax credits. Let Neo.Tax help your business navigate the R&D Tax Credit process with ease. Book a call with us today and see how much money you’re owed!
NeoTax
August 18, 2023
1 min read
R&D for Industries
New
Manufacturing & Consumer Products businesses are constantly striving for new designs for customers and for their factories. Find out which expenses qualify for the R&D Tax Credit!
Most people think of the R&D tax credit as a tool to help multinational firms invest in expensive lab work and to help tech companies build innovative new products. But in reality, the R&D tax credit is a piece of legislation designed to incentivize innovation across American industries.
The misconception that the R&D tax credit isn’t for all industries means that a majority of eligible companies are missing out on claiming the money they’re owed. That's why Neo.Tax has created the ultimate guide for Manufacturing & Consumer Products R&D Tax Credits.
If you operate in the manufacturing & consumer products space, there's a strong possibility that your business qualifies for the R&D tax credit. To be eligible, you need to meet certain qualifications:
Some ways your business may be eligible for R&D tax credits include the following:
At Neo.Tax, we have the expertise, technology, and resources to simplify the process of claiming tax credits. We specialize in assisting businesses, including those in the manufacturing & consumer products space, in identifying and documenting qualified expenses to maximize the value of the R&D tax credit. We stay up-to-date with regulatory changes, ensuring that our clients remain compliant with the relevant tax credit legislation impacting their business.
Don't miss out on potential tax credits. Let Neo.Tax help your business navigate the R&D Tax Credit process with ease. Book a call with us today and see how much money you’re owed!
NeoTax
August 18, 2023
1 min read
R&D for Industries
New
Many agriculture businesses don't know that they can file for an R&D Tax Credit. Hybridizing, automation, and a host of other costs may be considered qualified research expenses!
Most people think of the R&D tax credit as a tool to help multinational firms invest in expensive lab work and to help tech companies build innovative new products. But in reality, the R&D tax credit is a piece of legislation designed to incentivize innovation across American industries.
The misconception that the R&D tax credit isn’t for all industries means that a majority of eligible companies are missing out on claiming the money they’re owed. That's why Neo.Tax has created the ultimate guide for Agriculture R&D Tax Credits.
If you operate in the agriculture space, there's a strong possibility that your business qualifies for the R&D tax credit. To be eligible, you need to meet certain qualifications:
Some ways your business may be eligible for R&D tax credits include the following:
At Neo.Tax, we have the expertise, technology, and resources to simplify the process of claiming tax credits. We specialize in assisting businesses, including those in the agriculture industry, in identifying and documenting qualified expenses to maximize the value of the R&D tax credit. We stay up-to-date with regulatory changes, ensuring that our clients remain compliant with the relevant tax credit legislation impacting their business.
Don't miss out on potential tax credits. Let Neo.Tax help your business navigate the R&D Tax Credit process with ease. Book a call with us today and see how much money you’re owed!
NeoTax
August 16, 2023
1 min read
R&D for Industries
New
Healthtech is changing the present and future of medical care. Clearly, an innovative industry relies heavily on R&D investment — so, you're almost certainly owed money via the R&D Tax Credit!
Most people think of the R&D tax credit as a tool to help multinational firms invest in expensive lab work and to help tech companies build innovative new products. But in reality, the R&D tax credit is a piece of legislation designed to incentivize innovation across American industries.
The misconception that the R&D tax credit isn’t for all industries means that a majority of eligible companies are missing out on claiming the money they’re owed. That's why Neo.Tax has created the ultimate guide for Healthtech R&D Tax Credits.
If you operate in the health tech space, there's a strong possibility that your business qualifies for the R&D tax credit. To be eligible, you need to meet certain qualifications:
Some ways your business may be eligible for R&D tax credits include the following:
At Neo.Tax, we have the expertise, technology, and resources to simplify the process of claiming tax credits. We specialize in assisting businesses, including those in the healthtech industry, in identifying and documenting qualified expenses to maximize the value of the R&D tax credit. We stay up-to-date with regulatory changes, ensuring that our clients remain compliant with the relevant tax credit legislation impacting their business.
Don't miss out on potential tax credits. Let Neo.Tax help your business navigate the R&D Tax Credit process with ease. Book a call with us today and see how much money you’re owed!
NeoTax
August 15, 2023
1 min read
R&D for Industries
New
When you think retail, you don't think of research-and-development costs. But, in reality, many retail businesses qualify for the R&D Tax Credit. In this post, we explain the parameters of a qualified expense and share some common examples that may apply to your business!
Most people think of the R&D tax credit as a tool to help multinational firms invest in expensive lab work and to help tech companies build innovative new products. But in reality, the R&D tax credit is a piece of legislation designed to incentivize innovation across American industries.
The misconception that the R&D tax credit isn’t for all industries means that a majority of eligible companies are missing out on claiming the money they’re owed. That's why Neo.Tax has created the ultimate guide for Retail R&D Tax Credits.
If you operate in the retail space, there's a strong possibility that your business qualifies for the R&D tax credit. To be eligible, you need to meet certain qualifications:
Some ways your business may be eligible for R&D tax credits include the following:
At Neo.Tax, we have the expertise, technology, and resources to simplify the process of claiming tax credits. We specialize in assisting businesses, including those in the retail industry, in identifying and documenting qualified expenses to maximize the value of the R&D tax credit. We stay up-to-date with regulatory changes, ensuring that our clients remain compliant with the relevant tax credit legislation impacting their business.
Don't miss out on potential tax credits. Let Neo.Tax help your business navigate the R&D Tax Credit process with ease. Book a call with us today and see how much money you’re owed!
NeoTax
August 14, 2023
1 min read
R&D for Industries
New
What steps should your Fintech take to claim the R&D Tax Credit and what expenses count as qualified expenses that are eligible for the credit? Read Neo.Tax's Fintech R&D Tax Credit Guide to learn more!
Most people think of the R&D tax credit as a tool to help multinational firms invest in expensive lab work and to help tech companies build innovative new products. But in reality, the R&D tax credit is a piece of legislation designed to incentivize innovation across American industries.
The misconception that the R&D tax credit isn’t for all industries means that a majority of eligible companies are missing out on claiming the money they’re owed. That's why Neo.Tax has created the ultimate guide for Fintech R&D Tax Credits.
If you operate in the fintech space, there's a strong possibility that your business qualifies for the R&D tax credit. To be eligible, you need to meet certain qualifications:
Some ways your business may be eligible for R&D tax credits include the following:
At Neo.Tax, we have the expertise, technology, and resources to simplify the process of claiming tax credits. We specialize in assisting businesses, including those in the fintech industry, in identifying and documenting qualified expenses to maximize the value of the R&D tax credit. We stay up-to-date with regulatory changes, ensuring that our clients remain compliant with the relevant tax credit legislation impacting their business.
Don't miss out on potential tax credits. Let Neo.Tax help your business navigate the R&D Tax Credit process with ease. Book a call with us today and see how much money you’re owed!
NeoTax
July 28, 2023
1 min read
R&D for Industries