Provo, Utah-based healthcare tax credit consultancy Dr. Tax Credit, LLC has released a report aimed at physicians and other healthcare providers. It covers how interested clinicians can reduce their 2021 tax liability through the R&D tax credit program.
Dr. Tax Credit, LLC, a medical tax benefit consultancy, based in Provo, Utah, has released a new report on how healthcare providers can qualify for the 2021 federal research and development (R&D) tax credit program.
More details are available at https://www.drtaxcredit.com/post/r-d-tax-credit
According to the report, while most healthcare businesses innovate daily to improve patients’ outcomes, they may not even know it. As such, they lose out on the opportunity to reduce their tax liability through the federal government’s IRS code section 41.
The R&D tax credit program is a dollar-for-dollar reward the government uses to encourage innovation across industries, including the medical sector. Qualified candidates can get up to $30,000 to $400,000 in tax breaks, which typically go towards offsetting R&D expenses.
The report highlighted that a good deal of healthcare providers have had to pivot their services because of the pandemic, implementing several measures to improve service delivery.
For instance, many now use telemedicine and hybrid healthcare service delivery. Under the federal tax code, these innovations can be classed as R&D and hence eligible for the tax incentive.
The expert team at Dr. Tax Credit explained that they work with various healthcare professionals, including physicians, dentists, endodontists, oral surgeons, plastic surgeons, and others, to navigate the R&D application process. They have extensive backgrounds in healthcare, technology and innovation, as well as law, and understand how one’s practice might be entitled to receive R&D tax credits.
Whether the practitioner needs help to identify qualified research initiatives or expert CPA support, the Provo, Utah-based healthcare tax consultants can help them. Dr Tax Credit can also help clients prepare their tax documents as well as create high-quality defensible research and development studies.
Qualified physicians are required to own their own practice and produce over $1 million per year.
A spokesperson for the company said: “Our doctors get a major tax benefit through the research and development tax credit. Unlike other companies, we help our busy doctors through every step of the process, including defending them for contested claims.”
Visit https://www.drtaxcredit.com/post/r-d-tax-credit to read the full report or call +1-801-318-5097 to request a complimentary evaluation.