Food & Beverage
Regardless of whether your company is implementing new manufacturing processes or improving the quality of food and beverage products, companies in the Food & Beverage industry constantly introduce new product line extensions and modify product formulations and manufacturing processes. Thus, these processes typically involve expensive experimentation and testing, resulting in the likelihood that your company would benefit from an R&D tax credit study. Let TaxIncennovations help you get onto the path to valuable R&D tax credits for your company today!
Examples of qualifying activities associated with the food and beverage industry include the follow but are not limited to:
Development of new or improved packaging
Development of new or improved formulations or products
Development of new or improved manufacturing processes to ensure quality products
Developing and testing new products to improve food quality to meet certain requirements
Prior to 2016, small to mid-size companies who qualified for the R&D tax credit were sometimes limited to utilize the credit by Alternative Minimum Tax (AMT). With the new regulations put in place in 2016, small to mid-size businesses can offset their AMT with the R&D tax credit.
A Winery that specializes in producing a variety of quality wines with gross receipts of $6 million can generate $30,000 in R&D Tax Credits per year.
Let TaxIncennovations evaluate how we can assist you in claiming R&D tax credits.