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What To Look For in Your R&D Tax Credit Software

Are You Still On The Fence About Which R&D Tax Credit Software To Use? 

So you’re thinking about the R&D Tax Credit, but some unsavory news about issues with R&D firms has you asking yourself if the service is even worth your time? 

Have no fear! We’re here to lay it all out for you.

Before we get started, let’s paint the picture. 

You’re a small to medium-sized business, or maybe you’re the accountant of a small to medium-sized business, and you’ve been working extremely hard on R&D, better known as research and development. You’re excited about your products, and you’re finding your stride, but you wouldn’t mind an injection of funds to keep business moving the way it should. Well, as long as you meet the eligibility requirements, you could be sitting on tens, if not hundreds, of thousands of dollars for your qualified business. 

You’d want that money, right? Of course!

That’s where R&D tax credit software comes in. The archaic task of manually inputting large volumes of information, among other requirements for the tax credit, has long been the bane of an accountant's existence. With R&D software, that task is streamlined to make claiming your research and development credit a breeze.

There are a few different options out there and with something as important as your company's R&D tax credit, you want to be sure you are using the right solution for you.  

Here are a few things to look for when you’re deciding which R&D tax credit software is right for you.

Compliance, compliance, oh and did we mention… compliance

The Tax Code is… complex‌—making it that much more important to have the reassurance that all of your documents, like your Form 6765 and your study, are accurate when using R&D credit software.

You might think it's AI software… how will I know if anyone is double-checking?

Another important feature that goes hand in hand with accuracy is having a human review your documents.

When deciding between software, make sure you're looking at companies that have accountants on staff.

Bonus points: Having CPAs with audit and IRS experience to know what to look for when reviewing your information.

Looking for peace of mind? Take note if your R&D software is using AI and Machine Learning. These features are going to help ensure that your R&D Tax Credit filing is up to code. 

Show me the study!

Ok, it all sounds great so far, but what if the worst-case scenario happens–an audit? 

You want to make sure your R&D software has some sort of contingency in place, right? With audits and the R&D Tax Credit, it’s important to make sure you have all your ducks in a row. Namely, the all-important study. 

Because research and development tax credits give you a credit for what you spend on research, ‌your company needs to prove that you have indeed spent some of your hard-earned dollars on research. Making it vital to have a study that provides a detailed analysis of qualified projects and the associated expenditures. It's extremely important that the R&D software you use provides this study.

If they’re that good, they’ll back it up

We couldn’t agree more. 

Let’s say you’ve shopped around, you’ve done your due diligence vetting various vendors and doing your ‌research and now it’s time to decide what company has won you over. There is just one last question to ask:

Does the R&D Tax Credit software come with a guarantee? 

Mistakes ‌happen and they’re not always your fault. Work with a company that backs up its product with a money-back guarantee before closing the deal. 

Work with a product that uses a community of professionals who take your research and development tax credit as seriously as you do by putting their money where their mouth is. 

We know it’s a marathon, not a sprint

When it’s tax season, it can feel ‌as if you’re sprinting to the finish line–even with an extension.

We know how important it is to pace yourself, which is ultimately why you need R&D software that fits your needs. Whether you’re a business owner or accountant, your R&D Tax Credit software needs to be effective and reliable.

More Bonus Points: software that is designed for accountants, by accountants–particularly CPAs with IRS experience.

R&D software needs to streamline ‌filing for R&D Tax Credits and implement solutions to make it simpler than ever to: 

  • Receive vital money for your company.
  • Create additional revenue sources for accountants.
  • Seamlessly link data and employee information to the platforms.
  • Not to mention more time for accountants to focus on hourly billing for high-value consulting. 

It’s all about R-E-S-P-E-C-T

We get it, taxes are hard and we would never want to downplay the difficulties faced in this space.

As Aretha Franklin said, it’s all about respect—and we take that seriously, as should any R&D tax software. 

Find a company that is For Accountants By Accountants, that is taking the old game of tax preparation and creating new rules to help you get more while doing less, and is excited to help you receive every dollar you’re entitled to with the help of innovative R&D Tax Credit software. 

So, the only question left to ask is, are you ready for your R&D Tax Credits? 

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