In this episode of MakingChips, Jason, Jim and Nick discuss the R&D Tax Credit. This could be a huge saving for your manufacturing company, but please don’t take this episode as legal, accounting or any similar advice; you should contact a professional after you have listened to this episode.
Segments:
- 0:40 | Jim points out that he utilizes ProShop ERP tool "Work by Industry Dashboard" to receive real time data
- 3:12 | Jason asks Nick and Jim "Do you guys like paying taxes?"
- 3:45 | Jason references Oliver Wendall Holmes, Jr., Former Associate Justice of the Supreme Court - quoted "Taxes are what we pay for a civilized society"
- 4:22 | Jason references Billings Learned Hand, Former American Judge and Judicial Philosopher who served in the U.S. District Court of Appeals quoted "Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one's taxes"
- 9:43 | Jason shares manufacturing news - what are legislators trying to accomplish, when they come out with a new tax law?
- 12:45 | Jim calls Paul Van Metre of ProShop ERP to talk about how a client of his utilized the R&D Tax Credit
- 19:34 | Jason explains what type of research qualifies for the R&D Tax Credit
- 28:14 | Jim talks about ProShop ERP, to record Documentation Data Metrics
- 29:34 | Nick, Jim and Jason discuss what may qualify you for the R&D Tax Credit
- 32:40 | The hosts offer their final thoughts