Learning Objectives:
- Determine if a practice is eligible for Research Tax Credit, significantly reducing tax liability.
- How to make a practice eligible for Research Tax Credit using the activities already conducted in practice.
- Meeting the documentation requirements of the claiming Research Tax Credit and new trends in qualifying for the Credit.
Presentation Summary:
This presentation aims to provide dentists with a comprehensive understanding of the Research Tax Credit, including its features, qualifications, and documentation requirements. It also discusses the history and purpose of the R&D tax credit and the various laws and regulations governing its use. This tax incentive is intended to help dental practices offset some costs associated with conducting research and developing new products, processes, or technologies.
Dentists may need to realize that their practices may already qualify for this tax incentive designed to encourage and support research and development activities. Dentists can take advantage of this significant tax benefit by understanding the criteria for qualifying for the credit and properly documenting R&D activities.
However, it’s important to note that some unscrupulous elements in the profession may only attempt to claim the credit with proper documentation, which can expose dentists to audits and penalties. This presentation guides how to properly document and support R&D activities to avoid these pitfalls.
In addition to federal credits, we will also discuss any state-level credits that may be available. Overall, the goal is to empower dentists to make informed decisions about their eligibility for the Research Tax Credit and to properly claim it to support the growth and innovation of their practices.
This presentation will help dentists determine for themselves if the activities they are doing in their practices qualify for this significant tax advantage and how to document these properly to obtain the advantage. Some proforma documentation is also included in the presentation.
Duration: From 1 Hour to a Half Day