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R&D Tax Credits for the Healthcare Industry

If you operate in the healthcare space, there's a strong possibility that your business qualifies for the R&D tax credit. Here’s what you need to know!

R&D Tax Credits for Healthcare

Most people think of the R&D tax credit as a tool to help multinational firms invest in expensive lab work and to help tech companies build innovative new products. But in reality, the R&D tax credit is a piece of legislation designed to incentivize innovation across American industries.

The misconception that the R&D tax credit isn’t for all industries means that a majority of eligible companies are missing out on claiming the money they’re owed. That's why Neo.Tax has created the ultimate guide for Healthcare R&D Tax Credits.

Does your healthcare business qualify for the R&D tax credit?

If you operate in the healthcare space, there's a strong possibility that your business qualifies for the R&D tax credit. To be eligible, you need to meet certain qualifications:

  1. You are working to eliminate a technical uncertainty.
  2. You are experimenting via modeling, trial-and-error, simulation or other methods.
  3. The experimentation process relies on a hard science.
  4. The goal of this process is to create a new or improved product or system.

What are some qualified research examples specific to the healthcare industry?

Some ways your business may be eligible for R&D tax credits include the following:

  • Functional enhancements and new capabilities for existing applications, designed to create a competitive advantage
  • Software to better manage customer relationships through improved collection, storage, and analysis techniques
  • Developing new medical products, devices, equipment, or technology as well as next-generation products and product improvements
  • Testing to satisfy domestic and foreign regulatory requirements
  • Developing new or improved pharmaceuticals, devices, or diagnostics

How Neo.Tax can help your healthcare-industry business file for the R&D Tax Credit?

At Neo.Tax, we have the expertise, technology, and resources to simplify the process of claiming tax credits. We specialize in assisting businesses, including those in the healthcare industry, in identifying and documenting qualified expenses to maximize the value of the R&D tax credit. We stay up-to-date with regulatory changes, ensuring that our clients remain compliant with the relevant tax credit legislation impacting their business.

Don't miss out on potential tax credits. Let Neo.Tax help your business navigate the R&D Tax Credit process with ease. Book a call with us today and see how much money you’re owed!