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How to Get Money Back for Your Process and Procedures Inv
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Wouldn’t it be nice to get some of your money back that you have invested
in developing policies, procedures and processes for your organization?
Well, you can with the recently restored tax credit.
$7.6 Billion in Tax Credits are Available
In September 2004, President Bush signed the $146 billion tax cut bill
restoring the recently expired business Research & Experimentation Tax
Credit. The 18-month renewal of the research and experimentation tax
credit, which expired June 30 2004, was the most expensive item with an
expected $7.6 billion cost through 2014.
Process Improvement Qualifies
If you are spending money on ISO 9000, six-sigma, lean manufacturing,
TQM, or any other initiative focused on improving your products or
processes, then you could qualify. This includes software purchases,
training courses, labor, and of course the purchase of any Policies,
Procedures and Forms products or services.
An Immediate Source of Cash
This is an actual dollar-for-dollar tax credit against your tax liability
and not a deduction. You can deduct all costs in the year incurred. And
better yet, these regulations are retroactive, which means you can get a
refund for previous years.
Requirements to qualify
If you fit these five basic requirements for research, then you might
qualify under the latest regulations.
1.New or Improved Product, Process or Software. Research must derive ways
to improve a product or process such as development or improvement of a
formula, invention or technique.
2.Technological. Research objective must be to discover technological
information, based upon principals including computer science or
engineering.
3.Research Involves Uncertainty or Risk. It must involve uncertainty or
risk associated with the design or method of design achievement, not
including general business risk.
4.Experimentation Process. It must be well-documented and include failed
and successful efforts.
5.Permitted Process. Activity for product or process improvement must
relate to a function, performance, reliability or quality.
Your Tax Credits are Waiting for You
There is no better time to obtain ISO auditor training, well-defined
process training, business process consulting, or to get the maximum
value out of a helpful key like the Management Procedures Value Series.
Tax credits may expire again later in 2005, so act before it is too late.
About the Author
Chris Anderson is co-author of policies and procedures manual products,
producing the layout, process design and implementation to increase
performance. He is currently the Managing Director of Bizmanualz, Inc.
Visit: Bizmanualz, Inc.
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