Invest in an Inventory Control System in 2019
Inventory Control System Planning Your 2019 Spending?
Consider Investing in an Inventory Management System Consumer Electronics market (and beyond) with investment in existing and new hardware and software products. Did you know that the IRS has allocated about $15 billion a year for these credits to all corporate filers through 2026? Is your organization receiving its fair share of this tax credit? Many companies are investing in new processes, new technology and system upgrades, which are ideal candidates for the R&D credit. However, most companies do not claim the credit for many reasons including: they are not aware of the tax benefit, they don’t realize they qualify for it, they worry that the application process is too onerous, or they don’t want to risk being audited on their claim. There is also a common misconception that the R&D tax credit is limited to lab coats in the pharmaceutical industry, which is not accurate since the credit is designed to encourage spending on new products or processes driven by any kind of science or technology. The credit, which rewards constant or increasing investment in such advances, typically returns 5-10% of each dollar spent on staff, materials, equipment, or other costs incurred for the advance. A company may go back three years to file its first claim. Some states also offer R&D credits. Don’t be deterred from filing a claim Experts agree that companies should not be deterred from filing a claim. A simple conversation with your tax preparer can ease your first-time credit claims, which are usually the hardest to put together. And, new rules from IRS have made some claims less onerous. In some cases, the IRS will allow a credit of up to 95% of employee R&D costs and 10% of managers’ costs without auditing the specific projects for the credits claimed. However, this depends on your organization’s holding cost in assets and if you can track your accumulated R&D spending as a cost center in your regular accounts. Your accountant can shepherd you through the audit process and show you the available benefits. Invest in TRXio for Inventory Control in 2019 As you plan your 2019 budget, consider R&D for your business, including investing in an inventory control system like TRXio. TRXio (pronounced “tracks-i-o”) is a scalable inventory management system for any size organization and business. It helps you organize inventory, create consistency and minimize costs while providing you accurate and real-time reports, analytics and data on the status and item detail of your products, inventory and equipment. For more information on TRXio – your inventory control specialist – please contact us at 844-868-7225. We would love to discuss how you can take advantage of this tax credit and increase profitability in 2019. #RampDTaxCredits #InventoryControlSpecialist #inventorymanagementsystem #InventoryControlSystem #InventoryControl #TRXio #CEindustry