What is the Software Development Tax Credit?
The R&D Tax Credit for Software Development allows companies to deduct a portion of their eligible research and development (R&D) expenses from their taxes. This can be significant savings for companies engaged in software development, as it can help offset the costs of developing new software products or improving existing ones.
The R&D Tax Credit for Software Development is available to software developers engaged in software development activities such as designing, coding, testing, and debugging software.
Qualified research activities for the R&D tax credit include experimentation and analysis to achieve technological advancement. This could consist of developing new algorithms or improving existing ones, designing new software architectures, or developing new methods for testing software.
The R&D tax credit can be a valuable tool for companies engaged in software development. By offsetting the costs of qualified research activities, the credit can help reduce the overall cost of developing new and improved software products.
How We Can Help
The Software Development Tax Credit allows companies planning to innovate to get a tax credit from the government for their research and development costs. Boast is a platform that helps companies estimate their claims throughout the year to complete their claim more efficiently, accurately, and with a larger refund. Boast’s engineers and accountants have helped clients maximize their R&D Tax claims through its proprietary software platform with less time and audit risk. Use Boast to get the most out of your R&D Tax claim.
Automated R&D Tax Credits for Software Development
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:How much can I save with the software development tax credit?
Q:What expenses are eligible for the software development tax credit?
Q:How do I claim the software development tax credit?
Q:What other funding and credit options are available for my software development company?
Q:What are the qualifications for software development R&D?
- The software must be designed, coded, tested, and/or debugged.
- The software must be for a new or improved product, process, or service.
- The software must involve technical uncertainty.
- The software must be intended for commercial use.
Your free 1-hour consultation includes a detailed review of our platform, your projects, processes, and financial data by one of our R&D Tax experts.
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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