Increased Demand for Health and Fitness Products Opens the Door for Companies to Receive Tax Credits
Apr 6, 2021
Health and Fitness
Women on exercise bikes in a gym studio
The health and fitness industry has experienced a massive spike in popularity over the last couple of years. There has been an across-the-board increase in gym memberships, at-home workout equipment and organic food consumption as more people are becoming more aware of the value of health and fitness. The need for better products and services is increasing, leading health and fitness companies to invest in more product research and development, a key factor in qualifying for lucrative R&D tax credits which our team at National Tax Group has helped multiple companies receive.
"More companies than ever before are able to benefit from the R&D tax credit for the activities they're performing," said Lee Ferry, President of National Tax Group. "However, less than 1/3 of companies utilize this credit, and it's our job to make sure people are taking advantage of the credits they are eligible to receive."
There are multiple types of businesses, products and services within the health and fitness industry that would benefit from these tax credits. Some of these examples include:
- Changing recipes and formulations; or adding or removing ingredients that improve the quality of the product
- Advancements to weight-loss programs
- Developing supplements
- Vitamins, gluten-free and vegan alternatives
- Creating new, modifying existing, or altering existing designs of at-home fitness equipment.
- Creating apps that give people personalized nutrition or exercise plans
- Developing new customer-facing and internal-use software to track products and production processes
The tax credits that companies receive can help offset the costs that it took them to develop all the products or services they produce. They are dollar-for-dollar credits that are used to cover the cost of hiring staff, materials used, third-party contractors or freelancers hired. For most businesses, hiring a team of tax professionals to help can ensure these credits are being claimed properly as well as save time, money and additional resources.
For more information about National Tax Group and how they may be able to help you with research and development tax credits, please call 561.257.3436. Like National Tax Group on Facebook at https://www.facebook.com/NationalTaxGroup and on LinkedIn at https://www.linkedin.com/company/2511229/
About National Tax Group
National Tax Group is a full-service group of tax professionals who provide high-quality tax solutions associated with 179D, 45L, Cost Segregation and Research & Development for businesses. Having worked in multiple areas of taxation, National Tax Group implements methodologies that are recognized by the government and has experience in complex tax incentive programs that have made them valuable partners to all of their clients. Their ability to seamlessly collaborate with every business has made them a rapidly growing firm capable of handling complex challenges.
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Original Source: Increased Demand for Health and Fitness Products Opens the Door for Companies to Receive Tax Credits
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