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R&D Tax Credits for the Healthtech Industry

If you operate in the healthtech 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 Credit for Healthtech

Summary

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 Healthtech R&D Tax Credits.

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

If you operate in the health tech 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 healthtech industry?

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

  • Developing code for new software architecture or algorithms
  • Developing functional enhancements and new capabilities for existing applications, designed to create a competitive advantage
  • Developing flexible, high-quality, and scalable rule engines to manage and automate the methods of sorting, searching or parsing of health care data
  • Developing specialized technologies, such as Internet of Medical Things devices to collect and analyze healthcare data
  • Developing new software applications to interact with customers or vendors

How Neo.Tax can help your healthtech 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 healthtech 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!

Detailed

Healthtech is changing the present and future of medical care. Clearly, an innovative industry relies heavily on R&D investment — so, you're almost certainly owed money via the R&D Tax Credit!

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