THE APRIL 18TH TAX DEADLINE IS APPROACHING FAST
DON'T FORGET TO CLAIM YOUR R&D TAX CREDIT! BOOK A CALL TODAY
TAX DEADLINE
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THE APRIL 18TH TAX DEADLINE IS APPROACHING FAST
DON'T FORGET TO CLAIM YOUR R&D TAX CREDIT! BOOK A CALL TODAY
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Days
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Move beyond just compliance and optimize your tax strategy while you’re at it.
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The Tax Cuts and Job Act of 2017 eliminated the option to deduct R&D expenses from taxable income starting in 2022. Now companies must capitalize and amortize domestic R&D expenses over 5 years, or 15 years if foreign.
My company makes around $-500-M in revenue and has $-400-M in expenses with 50-% ($200M) going towards product development and the remaining $200M are for other general expenses.
aka how it actually did work last year
$1M
In The Red
Sorry IRS, I owe
you nothing.
- Love New.Co ❤️
$21M
EoY Tax Bill
$1M in
Revenue
$2M in
Expenses
$100M in
Taxable Income
$200k in
year 1 expenses
$1.8M capitalized
(aka spread out)
over 5 years
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$20M in
year 1 expenses
$168k
EoY Tax Bill
4X
Increase
$1M in
Revenue
$2M in
Expenses
$800k in
Taxable Income
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NeoTax automates the hard work of calculating R&D capitalization for you. Simply connect your data then follow the step by step workflow to identify R&D expenses to capitalized -
Everything needed to comply with R&D capitalization on taxes and track going forward:
Learn more about getting capitalization together with the credit
About Capitalization
We believe in designing a system that is incentive aligned with our customers. A pricing structure that rewards us for saving our customers time and money.
No upfront commitment
you won’t pay anything until you receive everything you need to file
Time to value
we give before we take and more than we take
Don’t pay extra for assurance
we include all the forms, schedules and substantiation bells and whistles you didn’t know you needed
Comments
Neo.tax works like a charm. Traditionally I used agency/people to do this. Downside -- unnecessary meetings and paid a lot. With Neo.tax, I could do this myself in <30 mins. Great Product!
Umm.. are you a startup?
Our top 10 accounting firm did their best to poke holes in the work that neotax did and they couldn't find a single issue. i felt like i could hear 'eye of the tiger' playing towards the end.
Neo.tax's pricing model was the only one in the marketplace that aligned our return with their fees. All the other CPAs charged by the hour and had a minimum, even if we didn't end up qualifying for the credit.
We got the most bulletproof documentation ever from neotax
you shouldn't think about *under reporting* any credits because that's just as fraudulent as overreporting. the irs cares that you *accurately* report everything, and that's exactly what neo.tax does. this is a bit extreme, but we've seen accountants getting sued for malpractice because they *didnt include* the r&d credit.
Neo.tax integrated smoothly with our existing CPA, making the entire experience seamless for everyone.
The credit showed up in Gusto and was applied to our next payroll.
We're a technology company, so almost all of our expenses -- except for go to market spend -- qualified for the credit. add that all up. we got 10% of that as a check in the mail
We're not profitable, so neo.tax was able to refund our payroll taxes! That really helped extend our runway.
I was blown away by how easy neo.tax was. This was an enormous pain last year, even with the well-known firm that we used.
I hope at some point, you can do this for taxes. If you could take the data we have, and I could just click ‘file taxes’. That's my dream scenario.
You guys have the sickest value prop ever. you basically give companies free money. startups need that now more than ever!
We're not profitable, but we're going to owe taxes anyway. Thanks to Neo.Tax, we got money instead of paying it!
Neo.Tax did what was best for my startup, even when it didn't make sense for Neo.Tax.
Neo.Tax Revolutionizing R&D
Credits & Capitalization
Neo.Tax