Our GOAT.tax R&D platform streamlines the estimation, coordination, recording, and support of your R&D tax credit claims at the federal level and in multiple states.
Our software simplifies this process by helping you:
Provide detailed report on your eligible R&D expenses.
Document any other pertinent business and research activities.
Draft Federal Form 6765, "Credit for Increasing Research Activities."
Attach labor documentation (CCA) if amending prior tax years.
To initiate the process of claiming an R&D tax credit, you'll need to file Federal Form 6765, "Credit for Increasing Research Activities," which is provided in our final deliverable, along with your tax return.
Upon completing and filing Form 6765, the IRS will review your claim and determine the credit amount you're eligible for. If approved, this credit will be applied to reduce your tax liability for the current tax year.
The R&D credit is a non-refundable tax credit, meaning it can lower your tax liability but won't generate a refund unless there's a prior year's liability to offset. To maximize its benefits, you may also carry forward or carry back unused credits.
It's important to remember that R&D tax credit rules and regulations can vary based on your location and business circumstances. Therefore, consulting with a tax professional or referring to relevant tax laws and regulations in your area is recommended to ensure compliance with the correct process.