Moving along in our blog series on the eight myths that are costing software and technology government contractors big dollars in annual tax savings, let’s explore our seventh R&D Tax Credit myth (one that is related to the nature of the work performed on said government contracts):
Myth 7: My projects are classified by the U.S. government. This prevents me from claiming the credit.
Absolutely not. Our firm has seen firsthand how scores of government contractors around the country have qualified for R&D credits based on projects done on classified contracts. While it’s imperative that you gather eligibility information without breaching confidentiality, with careful consideration and appropriate guidance, it is certainly possible for such projects to qualify.