Industry: Chemical & Materials Engineering
Company Size: 45 Employees
Annual Revenue: $11M
R&D Tax Credit Savings: $225,000
Challenge in Chemical & Materials Engineering
A chemical manufacturer focused on developing advanced coatings and high-performance polymers was investing heavily in formulation testing, material durability improvements, and environmentally friendly alternatives. Their R&D team regularly experimented with new compounds, optimized production processes, and conducted performance testing, but they were unaware that these activities qualified for R&D tax credits.
Despite ongoing innovation, they lacked a structured approach to tracking R&D expenses and technical challenges for tax credit eligibility.
Our Approach
1). Product & Process Evaluation: Identified qualifying R&D activities such as experimenting with new material compositions, improving chemical stability, and optimizing production techniques.
2). Expense Documentation: Captured wages for chemical engineers, lab technicians, and production specialists, along with costs for prototype materials and third-party testing.
3). Audit-Ready Study: Prepared a detailed IRS-compliant report documenting experimental processes, formulation iterations, and material testing procedures.
4). Long-Term R&D Strategy: Established best practices for tracking innovation efforts, ensuring continued R&D credit eligibility.
Outcome
- Secured a $225,000 R&D tax credit, significantly reducing tax liabilities.
- Provided funding for further eco-friendly material development and enhanced testing capabilities.
- Created a repeatable system for tracking R&D efforts, ensuring maximum future tax savings.
Unlock Your R&D Tax Credits Today
At Credits Granted, we help chemical and materials engineering firms maximize their R&D tax savings with full IRS compliance.
Want to see if your company qualifies? Schedule a Free Consultation today.
