Although winemaking dates back thousands of years, there are still significant innovations being made in the industry. Research and development (R&D) into new techniques for harvesting, fermentation, storage, blending, and many other activities can qualify for significant tax savings by claiming the R&D Tax Credit. Ancillary businesses that support the winemaking industry have also been applying novel technologies to new distillation techniques, fertilizers, and fermentation solutions. If you are a winery or your technology supports the winemaking industry, some of your costs can be recouped through federal and state tax credits and refunds.
Employee wages, raw materials and supplies, and third-party contractor costs associated with research and development activities are considered qualified research expenses (QREs). Companies can receive refunds of up to 22% of total QREs through federal and state tax credits, depending on the state in which your company or firm operates.
Do you have these job titles on your payroll, or do you hire third-party contractors to do these jobs?
Use our R&D Tax Calculator to estimate your potential benefit, and partner with Strike to claim your tax benefits with no up-front costs. Contact one of our experts today.
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Benefits for the R&D Tax Credit vary from state to state. Get an accurate estimate of your potential state tax credit!