Dr. K, a leading oral and maxillofacial surgeon, managed to achieve an impressive saving of $153,798 in taxes by tapping into the Research & Development (R&D) tax credit with the strategic guidance and expertise of the TaxRx Group.
Dr. K operates a state-of-the-art oral and maxillofacial practice, where he constantly seeks to enhance precision and patient care. Two of his primary business components involved modifications to ‘Accuracy of Dental Implant Placement Using CBCT-derived Templates’ and ‘Dynamic Navigation System in Implantology.’ These components focus on the integration of innovative materials and the optimization of pre-and post-operative processes. These were the foundation for his R&D tax credit development.
The Role of TaxRx Group
For Dr. K, identifying and leveraging R&D tax credits could have been daunting, time-consuming, and potentially unfruitful without the assistance of the right partner. TaxRx Group stepped in to alleviate this burden and maximize his savings.
The team at TaxRx Group managed the intricate process, including the identification of qualifying R&D activities, calculation of tax credits, preparation of comprehensive reports, and communication with Dr. K’s accountant. They also assisted with any follow-up, ensuring a seamless experience for Dr. K.
The process began with analyzing Dr. K’s ‘CBCT-derived Templates’ and ‘Dynamic Navigation System in Implantology’. The TaxRx Group identified areas of these business components that qualified for R&D tax credits, such as integrating new materials, and enhancements to pre- and post-operative processes.
Throughout the process, the TaxRx Group compiled comprehensive documentation to substantiate the R&D activities, aligning with the IRS Four-Part Test. This involved documenting the technological uncertainties, process of experimentation, technological nature, and permitted purpose of the R&D activities.
TaxRx Group’s efficient handling of the tax credit application process meant that Dr. K only needed to dedicate less than 2 hours of his time, significantly less than if he had attempted to undertake the process himself.
As a result, Dr. K successfully secured $153,798 in tax savings, an impressive return on his investment with TaxRx Group. This is a testament to the value that strategic tax planning and the utilization of R&D tax credits can bring to healthcare professionals.
Dr. K’s success story illustrates the powerful ROI that healthcare professionals can achieve by leveraging the R&D tax credit with the guidance of TaxRx Group. The Group’s specialized knowledge and proactive approach can aid healthcare practices in uncovering hidden tax savings opportunities, all with minimal time commitment.
If you are in the healthcare field and interested in maximizing your tax savings, TaxRx Group invites you for a no-cost consultation. Our expert team can help ensure you are not leaving any credits behind and receiving the full benefit of R&D and other tax strategies in your healthcare practice.
Source: Dr. K’s practice financial records, TaxRx Group client case study.
Learn more about R&D tax credit here: https://www.taxrxgroup.com/rd-tax-credit/