TaxRx Group has a specialized process to help healthcare clinicians qualify for Research & Development (R&D) tax credits, a largely underutilized incentive that can offer substantial savings.
Many healthcare clinicians are unaware that their everyday activities could qualify for R&D tax credits. If they’re engaged in developing new or improved techniques, processes, or software in their practice, they could be eligible for these credits.
The TaxRx Group takes a multi-pronged approach to assist healthcare clinicians:
1. Initial Consultation: They begin with a free, no-obligation consultation to understand the clinician’s practice and operations. This allows them to identify potential qualifying activities for the R&D tax credit.
2. Detailed Analysis: Next, the TaxRx Group carries out a thorough examination of the clinician’s financials and projects. This involves reviewing tax returns, financial statements, and project descriptions, as well as interviewing key staff members to understand the full scope of the work performed.
3. Claim Preparation: Once potential qualifying R&D activities are identified, TaxRx Group meticulously documents these activities and calculates the associated expenses. They then prepare a detailed R&D tax credit claim, which complies with the IRS’s Four-Part Test and substantiation requirements.
4. Audit Defense: The TaxRx Group stands behind their work. If there’s an IRS inquiry or audit, they provide full audit defense support to ensure the R&D credits are upheld.
5. Future Planning: The TaxRx Group also helps with future tax planning by recommending procedures to better track R&D activities and expenses. This proactive approach ensures that clinicians maximize their R&D credit potential in subsequent years.
Through this comprehensive approach, the TaxRx Group ensures healthcare clinicians fully benefit from R&D tax credits, translating into significant tax savings and a healthier bottom line.
TaxRx Group 390 East Center Street, Provo, UT 84606, United States
Website TaxRx Group
Phone +1-801-477-7525
Email megan@taxrxgroup.com
