Construction business owners are often looking for ways to save money. Many small business owners are aware that there are tax policies that can provide their companies with substantial savings. However, many taxpayers are aware of deductions and credits that are available to them. The research and development tax credit (R&D) is one such credit. Business owners may feel as though because they are not a scientific organization or in the technology industry, they may not qualify.
This article provides an overview of the R&D tax credit and how construction companies can take advantage of it for their businesses.