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R&D Tax Credits for Communications and Media

If you operate in the communications and media space, there's a strong possibility that your business qualifies for the R&D tax credit. Here’s what you need to know!

R&D Tax Credits for Communications and Media

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!