WEST PALM BEACH, Fla., May 24, 2021 (Newswire.com) - Companies in the food and beverage industry are constantly evolving to meet the demands of their clientele and keep up with the competition of others in their industry. Businesses investing in research and development for new recipes, packaging, formulas or processes can be rewarded with lucrative tax credits that can bring in a direct source of cash flow. If a company has been involved in any activities that enhance products and processes, National Tax Group can help them obtain these R&D tax credits that are dollar-for-dollar reductions in their tax liability.
"Companies within the food and beverage industry are constantly performing activities to keep up with their competition and the industry's evolving health and safety standards," said Lee Ferry, President of National Tax Group. "Many companies are able to reward themselves with R&D credits for the steps they are already taking, and our in-house experts have the knowledge to help you receive these rewards."
Some of the qualifying activities that food and beverage companies and manufacturers perform include:
- Improving the shelf life, taste, or nutrition of food or drink products
- Updating processes to comply with new legal and regulatory changes
- Modernizing lab equipment to improve the safe handling of food products
- Executing more energy-efficient processes that save water, fuel, and utilities
- Packaging food or drinks in more sustainable ways
- Developing mobile applications that provide easy communication between businesses and their clientele
- Developing new technologies such as new software implementations, technology consultations with a firm or professional, and automation of various processes
The research and development tax credit has a broad definition and provides many opportunities for food producers, packers, and processors to receive a generous tax credit. If a company thinks their business qualifies for R&D tax credits, they can contact National Tax Group's tax professionals today. Set up a free initial assessment to determine if you qualify for these credits and receive assistance throughout the entire process.
For more information regarding National Tax Group and how they may be able to help you with research and development tax credits, please call 561.257.3436. Like National Tax Group on Facebook at https://www.facebook.com/NationalTaxGroup and on LinkedIn at https://www.linkedin.com/company/2511229/.
About National Tax Group
National Tax Group is a full-service group of tax professionals who provide high-quality tax solutions associated with 179D, 45L, cost segregation and research & development for businesses. Having worked in multiple areas of taxation, National Tax Group implements methodologies that are recognized by the government and have experience in complex tax incentive programs that have made them valuable partners to all of their clients. Their ability to seamlessly collaborate with every business has made them a rapidly growing firm capable of handling complex challenges.
Source: National Tax Group