Show me the money! The Importance of Budget Preparation.
After spending months planning your experiments and detailing your approach, you are now ready for the budget. WRONG! A common mistake in preparing an SBIR is to put off budget planning to one of the last tasks. Many reviewers will look first at the budget as your financial abstract assessing if it makes sense with your overall summary and proposed specific aims. Before you get too in the weeds with writing, draft your budget and see if it makes sense with your proposed scientific aims and timeline. The budget can be a key to telling reviewers you understand what it takes to complete your project. Consider these comments from reviewers as you prepare your budget.
Want more guidance?Contact CTC to help you be proactive in budget planning.
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Are You Eligible for the federal R&D Tax Credit?
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We are hearing more and more about the federal R&D tax credit.
As we approach tax time, are you checking to see if your business is eligible?
What is the credit? Both federal and state credit available to any company or person that incurs R&D expenses in the U.S. Why is it available? The aim is to promote investments in technology & hiring. How do I claim a credit? Credit is normally applied to income taxes but can be used to offset payroll taxes. Is it really worth it? Tax professionals we spoke with suggest a company can receive 5-10% of their R&D expenses. And, if eligible, a company might be able to claim up to 3 previous tax years. Why haven’t I heard of this? While the program has been around since the mid 1980’s, rules changed in 2015 that made the tax credit permanent and removed some of the uncertainty. A big change included the ability for startups without profit to apply the credit to offset payroll taxes. How do I learn more? CTC is hosting a webinar featuring Chad Paul from BDO (Formerly Smith and Gesteland) on the R&D Tax Credit on March 5.
Feel free to reach out with any initial questions you may have, but please remember that CTC consultants are not tax professionals. Find a professional that is a good fit for you.
Thierry Lepoutre: Boostr Consulting; With over 20 years in R&D tax credit consulting in both Canada and U.S., Thierry is the main point of contact for companies in Colorado. He has offered tiered pricing for clients and a free consultation. Contact by phone at 303-656-3961 or by email at email@example.com
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