Are You Missing Hidden R&D Credits?
R. Kenner French discusses the opportunities available for small businesses to receive government funding through R&D tax credits, particularly in the context of innovation and artificial intelligence. He explains the criteria for qualifying for these credits, the importance of documenting research and development activities, and how leveraging AI can enhance business operations.
The conversation emphasizes the financial benefits of R&D tax credits and encourages entrepreneurs to explore these funding opportunities to support their innovative projects.
Takeaways
• The government provides funding for innovative projects through R&D tax credits.
• Many in the tax industry are unaware of R&D tax credits.
• Qualifying for R&D tax credits involves demonstrating innovation and improvement.
• Trial and error in research can still qualify for R&D tax credits.
• Artificial intelligence can significantly enhance business operations and innovation.
• Documenting R&D activities is crucial for claiming tax credits.
• R&D tax credits can provide substantial financial benefits compared to standard deductions.
• Investing in R&D can lead to competitive advantages in the marketplace.
• Utilizing AI tools can streamline processes and improve efficiency.
• The R&D tax credit is likely to remain a permanent fixture in U.S. tax policy.
Sound Bites
• You could be getting paid by the government.
• Are you doing something new or better?
• You still potentially can get R&D tax credits.
• Everything we've done is artificial intelligence enabled.
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