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!

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.

Does your apparel business qualify for the R&D tax credit?

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:

1. You are working to eliminate a technical uncertainty.
2. You are experimenting via modeling, trial-and-error, simulation or other methods.
3. The experimentation process relies on a hard science.
4. The goal of this process is to create a new or improved product or system.

What are some qualified research examples specific to apparel businesses?

Some ways your business may be eligible for R&D tax credits include the following:

• Developing new clothing innovations that could be eligible for utility patents
• Designing and developing product and performance specifications for new fabric and material construction technologies
• Developing new manufacturing processes
• Manufacturing, evaluating, and testing samples and prototypes
• Developing new software that allows customers to view inventories, make purchases, and track merchandise online using web or mobile applications

How Neo.Tax can help your apparel business file for the R&D Tax Credit?

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!

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.

Does your food and beverage business qualify for the R&D tax credit?

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:

1. You are working to eliminate a technical uncertainty.
2. You are experimenting via modeling, trial-and-error, simulation or other methods.
3. The experimentation process relies on a hard science.
4. The goal of this process is to create a new or improved product or system.

What are some qualified research examples specific to food and beverage businesses?

Some ways your business may be eligible for R&D tax credits include the following:

• Developing new product flavors, appearances, textures, or health benefits
• Developing methods to extend shelf life
• Developing new or improved manufacturing technology, processes, and procedures to increase yield, reduce waste and by-products, improve safety, or reduce labor
• Producing prototype product samples for testing and validation of new recipe formulations
• Designing and developing specialized tools or prototype tooling and machines

How Neo.Tax can help your food and beverage business file for the R&D Tax Credit?

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!

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.

Does your communications and media business qualify for the R&D tax credit?

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:

1. You are working to eliminate a technical uncertainty.
2. You are experimenting via modeling, trial-and-error, simulation or other methods.
3. The experimentation process relies on a hard science.
4. The goal of this process is to create a new or improved product or system.

What are some qualified research examples specific to communications and media?

Some ways your business may be eligible for R&D tax credits include the following:

• Designing and developing new or expanded network architecture and technology
• Designing and construction of physical networks, including copper and fiber-optic network data cabling and wiring
• Developing telecommunication networks to serve customers; for example, integrating voice, message, or voice-over-IP (VoIP) capabilities into a web or mobile application
• Developing software and technology to improve transmission capacity
• Developing network tools to monitor and measure network performance

How Neo.Tax can help your communications and media business file for the R&D Tax Credit?

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!

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.

Does your winery or brewery qualify for the R&D tax credit?

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:

1. You are working to eliminate a technical uncertainty.
2. You are experimenting via modeling, trial-and-error, simulation or other methods.
3. The experimentation process relies on a hard science.
4. The goal of this process is to create a new or improved product or system.

What are some qualified research examples specific to wineries & breweries?

Some ways your business may be eligible for R&D tax credits include the following:

• Developing new or improved fermentation and distillation processes
• Developing or implementing automated processes
• Developing new or improved bottling and packaging processes
• Designing and developing improved fermentation or bottling equipment
• Developing new or improved product formulations

How Neo.Tax can help your winery or brewery file for the R&D Tax Credit?

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!

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.

Does your manufacturing & consumer products business qualify for the R&D tax credit?

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:

1. You are working to eliminate a technical uncertainty.
2. You are experimenting via modeling, trial-and-error, simulation or other methods.
3. The experimentation process relies on a hard science.
4. The goal of this process is to create a new or improved product or system.

What are some qualified research examples specific to manufacturing & consumer products?

Some ways your business may be eligible for R&D tax credits include the following:

• Engineering and designing new products and processes
• Improving the design of existing products
• Improving manufacturing or production processes
• Developing special tooling and equipment used in the manufacturing process
• Designing, building, and testing prototypes
• Prototype the validation of new or modified products 

How Neo.Tax can help your manufacturing & consumer products business file for the R&D Tax Credit?

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!

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.

Does your agriculture business qualify for the R&D tax credit?

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:

1. You are working to eliminate a technical uncertainty.
2. You are experimenting via modeling, trial-and-error, simulation or other methods.
3. The experimentation process relies on a hard science.
4. The goal of this process is to create a new or improved product or system.

What are some qualified research examples specific to the agriculture industry?

Some ways your business may be eligible for R&D tax credits include the following:

• Hybridizing during the development of new strains of crops, plants, or livestock
• Improving harvesting techniques to increase yield or production efficiency
• Developing or implementing automated processes
• Developing or implementing new ways to protect crops from disease or insect pests
• Developing and implementing new irrigation systems
• Developing new or improved packaging processes

How Neo.Tax can help your agriculture business file for the R&D Tax Credit?

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!

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.

Does your healthtech business qualify for the R&D tax credit?

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:

1. You are working to eliminate a technical uncertainty.
2. You are experimenting via modeling, trial-and-error, simulation or other methods.
3. The experimentation process relies on a hard science.
4. The goal of this process is to create a new or improved product or system.

What are some qualified research examples specific to the healthtech industry?

Some ways your business may be eligible for R&D tax credits include the following:

• Developing code for new software architecture or algorithms
• Developing functional enhancements and new capabilities for existing applications, designed to create a competitive advantage
• Developing flexible, high-quality, and scalable rule engines to manage and automate the methods of sorting, searching or parsing of health care data
• Developing specialized technologies, such as Internet of Medical Things devices to collect and analyze healthcare data
• Developing new software applications to interact with customers or vendors

How Neo.Tax can help your healthtech business file for the R&D Tax Credit?

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!

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.

Does your retail business qualify for the R&D tax credit?

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:

1. You are working to eliminate a technical uncertainty.
2. You are experimenting via modeling, trial-and-error, simulation or other methods.
3. The experimentation process relies on a hard science.
4. The goal of this process is to create a new or improved product or system.

What are some qualified research examples specific to the retail industry?

Some ways your business may be eligible for R&D tax credits include the following:

• Researching appropriate materials to account for weight, strength, durability, texture, and cost
• Designing, modeling, prototyping, fabrication, and installation of exhibits, displays, and mannequins
• Designing and developing retail fixtures, including displays, lighting, and shelves
• Development of new attachment methods or techniques
• Engineering of new assembly and installation methods

How Neo.Tax can help your retail-industry business file for the R&D Tax Credit?

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!

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.

Does your fintech business qualify for the R&D tax credit?

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:

1. You are working to eliminate a technical uncertainty.
2. You are experimenting via modeling, trial-and-error, simulation or other methods.
3. The experimentation process relies on a hard science.
4. The goal of this process is to create a new or improved product or system.

What are some qualified research examples specific to the fintech industry?

Some ways your business may be eligible for R&D tax credits include the following:

• Developing code for new software applications or platforms
• Developing functional enhancements and new capabilities for existing applications, designed to create a competitive advantage
• Developing flexible, high-quality, and scalable rule engines to manage and automate complex business structures and data models
• Developing specialized technologies, such as artificial intelligence or voice recognition applications
• Improving the cybersecurity for existing applications

How Neo.Tax can help your fintech business file for the R&D Tax Credit?

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!