Government funding for innovative small business owners!
Small business owners like yourselves are constantly being forced to find ways to innovate, to find new ways to deliver better services and more value to their customers with lower costs. Did you know that the government is trying to support these initiatives with government funding? Through the Scientific Research and Experimental Development (SR&ED) tax credit, the government will return to corporations a portion of the money they spend creating new programs, new processes and inventing new methods that qualify. There is an application process and only certain qualified expenditures will apply.
However, there are changes to the program coming by the end of the year, so you might consider making certain expenditures should be made before then. From the article, here are the items that may no longer be covered by the SR&ED program. Consider investing in these before the deadline for the changes December 31, 2013:
- Equipment used in a test facility or laboratory
- Computer equipment used for testing software programs that would qualify for SR&ED
- Equipment used in testing food processing e.g. ovens, freezers, etc.
- Automobile used to test an alternative fuel source.
Before you do anything however, contact a tax professional. If you’d like to learn more about SR&ED and how you can apply for it or about these changes, please do not hesitate to contact us today or read this link!