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Connect with us to find out how R&D tax credits can boost your organization’s bottom line.
To get an estimate of the potential value of your unclaimed R&D Tax Credits, try out our credit calculator.
Download our R&D Tax Credit Calculator for Android to see how much you can receive from your qualified R&D tax credit expenses.
Illinois offers a state R&D tax credit of 6.5% on qualifying research expenses exceeding a base amount, designed to encourage innovation in industries like manufacturing and tech. Contact Strike Tax to maximize your savings.
Eligible activities include developing or improving products, processes, or software involving technical uncertainty, such as engineering innovations or data processing improvements, meeting federal IRC § 41 criteria and conducted in Illinois. Strike Tax can identify qualifying projects.
For $1 million in incremental QREs, you could save $65,000, stackable with federal credits for additional benefits. Use Strike Tax’s R&D Credit Calculator for a personalized estimate.
Credits are non-refundable but can be carried forward for up to 5 years to offset future tax liability. Strike Tax can help maximize carryforward benefits.
File with your Illinois tax return using the appropriate schedule, ensuring alignment with federal guidelines; no prior approval needed, but detailed documentation is required. Strike Tax simplifies the filing process.
No major state changes, but federally, immediate Section 174 expensing is restored, and Form 6765 requires enhanced reporting, benefiting Illinois claims aligned with federal rules. Strike Tax can help navigate these updates.
