What is the Medical Device R&D Tax Credit?
Medical devices are products that may assist with the diagnosis, cure, mitigation, or prevention of disease or other ailments. They range from simple devices such as sensory aids to complex devices that transmit healthcare data. Each product plays a vital role in the healthcare system, depending on its intended use. If you plan to develop or improve medical devices, you can apply for tax credits.
The Medical Devices R&D Tax Credit allows medical device companies to receive a credit for expenses related to the R&D of new devices. It can be used to offset the cost of R&D and make it easier for healthcare companies developing applications to create new products or improve them. Healthcare companies must have incurred qualified research expenditures related to designing, testing, or prototyping new devices to be eligible.
This tax credit is a key instrument for supporting medical devices’ technological advancement. The credit options can help companies develop new and better products that improve patient care in the healthcare industry by making it easier for them to invest in innovative medical technologies.
How We Can Help
Boast can assist companies in receiving comprehensive estimates for their R&D tax claims. Our team of specialists and our software platform have aided our clients in accelerating and securing refunds faster and safer.
Automated R&D Tax Credits for Medical Devices
The Boast platform gathers data from your technical and financial systems to identify and categorize eligible projects, time, and expenses—estimating along the way instead of only at the end—and getting you more money, faster, for less time, and risk.
- Time Tracking
- Audit Evidence
- Tax Forms
Frequently Asked Questions
Q:Who is eligible for the Medical Devices R&D Tax Credit?
Q: What expenses are allowed for the Medical Devices R&D Tax Credit?
Q:Are there any restrictions on using the Medical Devices R&D Tax Credit?
Q:How long do I have to Claim the Medical Devices R&D Tax Credit?
Q:Is there anything else I should know about the Medical Devices R&D Tax Credit?
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Talk to one of our experts to see how outsourcing your R&D tax claims to Boast can get you more money back from the government and help you regain the time you need to run your business.
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