R&D Credit Consulting
Finding ways to reduce costs and expenses while driving sales, profitability and growth is essential to success in business. Companies in Lexington and across Kentucky navigate the success formula differently by adjusting operations, production, vendor contracts, and pricing strategies. Others focus on product variation, new product development, relationship management, and marketing programs. While useful, many are surprised to learn about the saving potential available through federal tax incentives including the Research & Development (R&D) tax credit. The credit is designed to incentivize innovation projects and provide a financial incentive to undertake such efforts. It features dollar-for-dollar savings against current year taxes and has both a carryforward and carryback feature. Despite its amazing potential, many businesses do not attempt to claim the credit because of various misconceptions about who can apply, qualifying activities, and restrictions.
Kentucky R&D Credit Experience
JLK Rosenberger is a CPA firm that provides R&D tax credit study and consulting services to companies in Lexington and across Kentucky. We work with companies in several industries including agriculture, architecture, chemical, engineering, construction, electrical/mechanical contracting, life sciences, medical device, and technology. In many cases companies outside these industries also qualify for the credit as well, but it depends on the circumstances of the project.
Our team has years of experience identifying qualifying activities, reviewing expenses, and determining project eligibility. We turnkey the entire process from initial documentation to preparing the IRS submission to claim the credit. This includes an organizational review, background research, compilation of key reports and supporting documents, related interviews, and documentation preparation. From start to finish, our team stands ready to help you claim this significant tax-saving opportunity.
R&D Tax Credit Myths
Map of Louisville (KY)
One of the key strengths of the Lexington business community is its strong focus on the horse industry. Known as the “Horse Capital of the World,” Lexington is home to renowned horse farms, equine research facilities, and organizations dedicated to the breeding, training, and racing of horses. The city’s thriving horse industry supports businesses in areas such as thoroughbred breeding, equine veterinary services, equine nutrition, and equine tourism.
Lexington is also recognized for its strong agricultural sector. The city’s fertile soils and favorable climate make it an ideal location for farming and agriculture-related businesses. Lexington’s agricultural industry includes crop farming, livestock production, food processing, and agricultural research and technology.
Contact Our Lexington R&D Credit Consultants
JLK Rosenberger provides R&D credit studies and consulting services to companies in Lexington and across Kentucky. Complete the form below and a member of our team will follow up with you shortly.