New Santa Cruzian Brings Tax Relief Solution
Emilio Pineda
“I picked Santa Cruz over the SF Bay area because of the surfing, mt bike riding, and the community,” explained Emilio Pineda. Emilio is an engineer at Boostr Consulting in Boulder Colorado. His work balance included skiing in the winter, and mountain bike riding in the summer. When his company decided to establish a base in California, Emilio first tried living in Santa Clara and Fremont. Then he visited Santa Cruz. The decision was almost immediate.
“Everyone was so helpful and friendly,” said Emilio. “And it had a similar small community and outdoor activities vibe as Boulder.”
Emilo is an engineer at Boostr, headquartered in Boulder, CO. He focuses on helping companies successfully obtain R&D tax credits and refunds.
The federal R&D tax credit program has been around for over 30 years and is intended to help innovative companies doing R&D in the US succeed by offering a tax credit or refund based on R&D expenses incurred. The claim is done through your annual company tax returns and generates a refund or credit of around 10% of your R&D expenses (including wages, materials and subcontractors).
If your company is profitable, you can use the R&D tax credits against income taxes when filing your current year’s tax returns. If you’ve been paying taxes quarterly, you’ll get a refund!
If you’re a startup, you can use the R&D tax credits to offset the social security portion of the payroll taxes every quarter. So even if you’re not profitable and not paying taxes, you can still get a refund!
If your company is amending any of the three previous years and paid taxes in those years, then you will receive cash refunds for the amount of the credit!
Any unused credits can be carried forward up to 20 years.
California has an R&D Tax Credit program that mimics the Federal.
If you are interested in learning more, use the Contact link below to connect with Emilio.
