Myth 1: "R&D credits only apply to engineering firms."

→ Reality: Any construction business that innovates processes or products can claim. Think design, materials, or techniques.

Myth 2: "Only large companies can benefit from R&D tax credits."

→ Reality: The credits are structured for businesses of all sizes. Small firms often qualify for significant refunds.

Myth 3: "You need a lab to qualify for R&D credits."

→ Reality: Fieldwork innovations qualify too. On-site problem-solving counts as eligible research activities.

Myth 4: "R&D credits are only for new projects."

→ Reality: Improvements on existing projects can qualify. If you're making enhancements, you're likely eligible.

Myth 5: "Claiming R&D credits is too complicated."

→ Reality: A good advisor can simplify the process. The right help transforms a daunting task into a manageable one.

Myth 6: "Documenting R&D activities is a hassle."

→ Reality: Simple records, such as project notes and timesheets, suffice. The key is consistency, not complexity.

Myth 7: "R&D credits give minimal returns."

→ Reality: Returns can be substantial—potentially 6-10% of what you've spent. That’s real money reinvested into your business.

Myth 8: "If the project fails, you can't claim credits."

→ Reality: Credits apply regardless of project success. The effort to innovate is what matters, not the outcome.

Myth 9: "R&D tax credits attract audits."

→ Reality: Comprehensive documentation protects you. It's more about recording your process than increasing audit risk.

Myth 10: "You can't claim retroactively for R&D credits."

→ Reality: Amend past returns to include missed credits. You can reclaim up to three previous years of potential savings.