Research & Development
R&D (Research and Development) tax credits are government incentives to support businesses in their research and development efforts. Enacted in 1981 under the Economic Recovery Tax Act, these credits offer financial benefits, such as a dollar-for-dollar reduction to a taxpayer’s tax liability, as a way of recognizing and rewarding companies that invest in innovative activities.
Eligible R&D activities can include developing new products, refining processes, or advancing technologies. Businesses involved in these innovative endeavors may experience reduced tax liabilities, providing them with additional resources for further research and development initiatives.
Standard businesses that typically qualify for R&D can include but are not limited to the below:
- Architecture
- Manufacturing
- Agriculture
- Food and Beverage
- Engineering firms
- Dental Labs
- Software Development
- Aerospace
- Construction
- Electrical Contracting
- Mechanical Contracting
Qualified Small Businesses can also claim an R&D tax credit of up to $500,000 applied against their payroll taxes as elected in Section D of Form 6765. Eligible organizations include those that have under $5 million in gross receipts in the current year and no more than 5 years of generating gross receipts, including the current year. This enhancement was intended to make the R&D credit more beneficial for small businesses and startups.
Trust
We are committed to developing strong lasting relationships through commitment, communication, and honesty.
Expertise
At Jorns & Associates our dedicated team of professionals have years of experience helping businesses navigate the ever-changing tax code and regulatory environment.
Community
We are committed to making a difference in every community we work in and our team has logged tens of thousands of hours and invested millions of dollars into local and national charitable organizations.
Ethics
Jorns & Associates is committed to conducting business the right way.
Efficiency
Our team specializes at helping companies operate at optimal capacity. At Jorns & Associates we streamline every step of the accounting process to ensure filings are done on time, every time.
Transparency
Many professional service companies surprise clients with completely unexpected hourly charges or hidden fees. At Jorns & Associates, we pride ourselves on our transparency when it comes to the fees associated with our services.
Locations
Main Office
301 N. Saint Francis St.
Wichita, KS 67202
New York Office
88 Elm Street, Ste# Penthouse
Rochester, NY 14604
Ohio Office
4040 Embassy Parkway, Suite 310
Akron, OH 44333
Resources
Contact
Jorns & Associates, LLC.
Email: support@jornstax.com
Phone: 877-465-6767
For Payments Send To:
Jorns & Associates LLC
P.O. Box 782934
Wichita, KS 67278
For Mail Send To:
301 N Saint Francis St
Wichita, KS 67202