R&D Tax Credit – Page 8 – Swanson Reed | Specialist R&D Tax Advisors

“Not alone” – Cariloop uses tech to support families during tough times

Imagine you get a call one day that changes everything: your parent or grandparent is sick and will need ongoing treatment. Suddenly, you are thrust into the role of caregiver for a loved one who once cared for you. This can be a challenging experience and it is natural to feel overwhelmed and stressed. The creators behind Cariloop understand this struggle that many families across America experience and so they launched a platform to offer support to caregivers. Their promise: “No one should EVER go through the process of caring for a loved one alone.”

Founder Steven Theesfeld started the company with co-founder and current CEO Michael Walsh in 2011 in Dallas. Together, they built a support platform that helps caregivers plan and manage care for their loved ones. Cariloop users have on-demand access to a healthcare coach who is a licensed or certified healthcare professional. The healthcare coach can guide families as they make important decisions. Walsh explained in an interview, “We see it happen every day – some sort of health or medical event takes place and suddenly the entire family is scrambling to figure out what to do, how to do it, how much it costs, which options are best, on and on.”Cariloop also provides a platform where families could safely and securely communicate and store important documents like medical records, insurance cards, and other paperwork across mobile devices and desktops, similar to Slack. He said, “Rather than Googling their way through their loved one’s challenges, we’d love to showcase how our platform can save them a significant amount of time, money, and stress along their journey.”

Cariloop partners with corporate employers in delivering its services. Walsh explained the shift to working with companies from working with healthcare providers came when they noticed that most users accessed Cariloop during work hours, namely 10 am to 2 pm. As a result, Cariloop repositioned itself as an employee benefit in 2015. In doing so, Cariloop hopes to assist companies in promoting wellness among employees, especially during difficult, life-changing times.

Are you experimenting with online platforms to deliver support and healthcare like Cariloop? You could be eligible for the R&D Tax Credit and receive up to 14% back on your expenses. To find out more, please contact a Swanson Reed R&D Specialist today.

Swanson Reed regularly hosts free webinars and provides free IRS CE credits as well as CPE credits for CPA’s. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Eating crickets not just a fad: the protein empire of Austin-based Aspire Food Group

With the holiday season just around the corner, you’re probably figuring out what to serve as a main course for your protein-hungry guests. Maybe turkey? Ham? Beef? Or how about crickets? Enter: Aspire Food Group, an Austin-based company promoting and developing insect products for mainstream food consumption. While crickets as a main course is still way off into the future, the company has already introduced a line of cricket-based foods, from snacks to protein shakes and even dog treats.

Protein consumption is on the rise in the United States. Production of traditional protein sources like meat, however, require massive amounts of land, energy, and water. With increasing demand, meat production alone can’t keep up. Mehmood Khan of PepsiCo Inc. aptly observed, “If we look around the world, there’s a big consumer trend on more protein. The question is: How are we going to do this in a manner that’s sustainable? Protein isn’t cheap. And animal protein has the greatest footprint on the planet.”

At the same time, the consumer demand for meat alternatives is on the rise. Sales of meat substitutes in the United States have increased to $700 million in 2016 and projections indicate that by 2021, annual U.S. sales of meat substitutes will amount to $863 million. Vegan products have also grown in global popularity, with a reported $9.7 billion in worldwide retail sales this year. By 2021, this number is expected to hit $11.8 billion.

Developing alternatives to meat isn’t easy. One needs a little flare and creativity to make a product that is cost-effective and doesn’t negatively affect flavor or texture so that it is still palpable to consumers. Drawing on the fact that nearly two billion people in the world already eat insects, Aspire Food Group hopes to introduce the critters to the American palate. Mohammed Ashour, the company’s CEO, said, “There’s definitely a psychological hurdle. A lot of insects are just simply gross to look at. This isn’t an overnight shift.” To help ease consumers into eating insects, Aspire Food Group developed a cricket powder known as Aketta that can be used in protein bars and cookies. It also developed whole-roasted crickets that come in familiar flavors like Texas BBQ and sour cream and onion. The response has been positive, with many pleasantly surprised at how tasty crickets can be.

https://www.youtube.com/watch?list=PLpuQN2MtMWmfJ716Rb1oUFZLETsXAGQ4F&v=gXcCc0cu7Vs

Insects are more sustainable to farm than livestock and Aspire Food Group’s farming practices prove how green and clean insect farming can be. Using autonomous robotics, internet-of-things (IoT), proprietary sensor technology, and a wide range of other tools, the company is ensuring its process is sustainable and effective. It is even on track to implement a zero-waste system. As the first automated cricket farm in the world, Aspire Food Group is a pioneer in the industry of insect farming and it hopes to launch more farms across the globe.

Are you experimenting with protein alternatives to meat? Or developing more sustainable, automated farming practices like Aspire Food Group? You could be eligible for the R&D Tax Credit and get up to 14% back on your expenses. To find out more, please contact a Swanson Reed R&D Specialist today.

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Austin-based Banyan Water Makes a Splash in Water Conservation with Technological Solutions

Austin-based software company Banyan Water knows water is essential to human life. It’s integral to our sanitation, energy, food, and health systems yet in the United States, water infrastructure is one of the most underdeveloped utilities. According to the 2017 Infrastructure Report Card, nearly 2 trillion gallons of drinkable water was wasted this past year as a result of 240,000 reported water breaks. The infrastructure’s inefficiencies have and will cost Americans, particularly as water rates are on the rise since 2010. An estimated 40 million Americans will lose access to affordable water if these trends continue.

For President and CEO of Banyan Water, Gillan Taddune, upgrading water infrastructure is not enough to mitigate water waste issues. To truly address natural resource scarcity and ensure long-term sustainability, advanced technological solutions are needed. As she wrote on The Environmental Leader last September, “Curtailing water-related risks goes beyond simple smart meters. Additional investment in internet of things-style hardware and analytical software capable of identifying leaks and inefficiencies needs to become a cornerstone of America’s present and future plans for the world’s most precious resource.”

To tackle these problems, Banyan Water has innovated a variety of technological tools to assist commercial users with more efficient, sustainable water management. The company applies smart devices, real-time monitoring, and analytics to help its customers, predominately real estate enterprises, track and control their water usage and cost. For one, Banyan Water provides an irrigation system that helps reduce water use by 50-70% and an indoor monitoring service that notifies of a leak. The company is constantly developing new ways to conserve water.

The company’s customers often highlight a marked difference when implemented Banyan Water’s software services. One of Banyan Water’s recent high-profile clients is the Thacher School in California which is prone to drought and water scarcity. Banyan Water technology allows the school to detect leaks and control usage as well as monitor different variables like plant and soil types and flow rates.

Michael Mulligan, head of the Thacher School, stated, “Implementing Banyan’s technology will be game-changing for the water management on our property, especially during times of extreme scarcity. We will gain significant insight into our campus-wide monthly water usage, prevent water loss through real-time leak detection, and are projected to save more than 11 million gallons of water per year while maintaining the quality of our landscape.”

Since 2011, Banyan Water has helped save over 2.3 billion gallons of water in the United States. This is enough to meet the water needs of more than 16,000 households for a year. The company received the Top Project of the Year Award in the Environmental Leader Product and Project Awards in June 2017.

Developing solutions for environmental sustainability like Banyan Water? You could be eligible for the R&D Tax Credit and receive up to 14% on your expenses. To find out more, please contact a Swanson Reed R&D Specialist today.

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The IRS Form 6765 got you down? Never Fear! Here are 4 Common Misconceptions about the R&D Tax Credit

As companies across the United States prepare for the end of another fiscal year, many Chartered Accountants are considering claiming the R&D Tax Credit but have no idea where to start. Others are avoiding it all together and unfortunately missing out on the chance to save up to 14% on their company’s research expenses.

From our over ten years’ experience helping accountants like you claim the R&D Tax Credit, we at Swanson Reed know that there are four common misconceptions about IRS Form 6765. We’re here to help de-bunk those myths and to encourage you not to let this opportunity to claim your R&D expenses go to waste.

Misconception #1:

I’m not building robots or creating something world-shattering so I’m not eligible

Many companies don’t think they’re conducting research and development activities because they aren’t dressed in white lab coats building androids and drones in a Tony Stark-style laboratory. While mechatronics engineering clearly qualifies for R&D, all industries are in fact eligible for the R&D Tax Credit. All you have to do is carry out activities that fulfil the IRS’ four part test:

Activities are conducted for a permitted purpose
There is the elimination of uncertainty when engaging in these activities
The activities are technological in nature
There is a process of experimentation in carrying out these activities

Maybe you’re a food manufacturer experimenting with new recipes to create tastier, longer-lasting food products while also improving your air ventilation system during the cooking stage. Or perhaps you’re a furniture company looking to build an automated process to pack and ship your products more efficiently to your clients. You could be a software company developing codes to optimize a client’s cyber-security. Or you’re specializing in creating outdoor camping products that are made from environmentally sustainable materials and are more durable than what’s already on the market.

Sound like you? Then you’re eligible for the R&D Tax Credit!

Misconception #2:

My experiments failed so there’s no point in filing them to IRS Form 6765

You just spent $1000 to test an exhaustion fan in your food manufacturing factory to try to improve your air ventilation. Unfortunately, the exhaustion fan did not cool down the food or allow the adequate circulation needed to maintain the air quality in the facility. Maybe you spent thousands of dollars trialing different codes for an anti-virus software but it keeps failing to stop malware. Perhaps you invested thousands of dollars into constructing new fabrics for outdoor jackets that are waterproof and compactable but can’t seem to conserve body heat and keep your customers warm.

We all know how expensive experiments can be. It’s even worse when it fails and all that investment seems wasted. Do not be discouraged! On the contrary, failure clearly demonstrates you were conducting R&D. In fact, the IRS does not require these research experiments to succeed in order to qualify for the tax credit and you can still get up to 14% back these expenses, no matter the outcome of the experiments.

Misconception #3:

My company is too small and we didn’t make a profit this year

The size of a company does not affect eligibility for the credit. From small start-ups, sole proprietorships, to large corporations, any entity is eligible for the R&D Tax Credit as long as their activities satisfy the Four Part Test. In fact, small-medium enterprises comprise 50% of the companies that claim IRS Form 6765.

You do not need to be immediately profitable to take advantage of the credit. The R&D tax credit can be carried forward for 20 years and back one year which means even if you are not profitable this year, you can save those credits for future years. If you’re a start-up that doesn’t pay income tax, you can still claim that credit against your payroll tax. To find out about all the R&D credit programs, contact a Swanson Reed R&D Specialist.

Misconception #4:

It’s too much effort to file for Form 6765

There is often confusion among CPAs about the necessary documents required to file the R&D Tax Credit. While it is true that documentation for the IRS is quite rigorous, it is simpler than you think.

Companies can claim three types of expenses: salaries, supplies, and contracted research. Eligible documentation for salaries include payroll registers, interviews, W2s, and other documents related to labor costs. Supplies are typically documented by general ledgers and vendor invoices. In terms of contracted research, invoices and 1099s to these third-party vendors are acceptable. Companies tend to already keep these documents on hand and aren’t as difficult to acquire as many think. For a more comprehensive explanation about documentation, visit Swanson Reed’s page on documentation or contact a Swanson Reed R&D Specialist today.

Still have questions?

Swanson Reed is hosting an upcoming webinar on November 13, 2017 at 10 am CDT that further explains the R&D Tax Credit. This webinar is free and can count as part of Continuing Education credits for CPAs. The deadline to complete all your annual continuing education credits is just around the corner. Don’t miss this chance to get your credits and to learn more about the R&D Tax Credit from the experts. For more information please visit us at www.swansonreed.com/webinars or contact a Swanson Reed R&D Specialist.

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Virtual Reality Ain’t Just for Kids – Dallas Startup MyndVR brings the virtual world to our country’s oldest citizens

Residents at senior homes face a wide range of challenges on a daily basis. Seniors are especially vulnerable to isolation which can lead to depression and anxiety. The Dallas startup MyndVR aims to help offset these challenges by promoting health and wellness using an unlikely source: Virtual Reality (VR).

Founded in 2016, MyndVR was the brainchild of Chris Brickler and Shawn Wiora. Brickler is a former Hollywood producer, Silicon Valley technologist, and entrepreneur while Wiora worked for years in executive senior care. With their combined expertise, the two designed a personalized Virtual Reality experience with seniors and their unique needs in mind.

In collaboration with the University of Texas at Dallas and Samsung, MyndVR offers a handsfree VR headset using gaze-based navigation. This means users can simply pick content with just a look instead of a button or a joystick since clicking is often difficult for the elderly. Similar to music therapy which was found to have positive effects on mood, the multi-sensory experience of Virtual Reality has a significant impact on seniors’ wellbeing. Dementia and Alzheimer’s patients in particular benefited from VR use. It is common for these patients to take mood-altering medication to manage their condition but this often causes patients to feel withdrawn and unengaged. With the VR handset, in contrast, patients’ moods were markedly boosted without the need for medication. Brian Barnes, the CFO/COO of The Legacy Senior Communities, recalled, “In one case, a resident living with Alzheimer’s exhibited personality traits she had prior to the diagnosis, including dancing, smiling and singing.”

For Brickler, giving seniors a sense of choice in the VR experience was important. He said, “We wanted to create a sense of empowerment with seniors around their choice of content and personal journeys.” These journeys include but are not limited to swimming with dolphins, attending a 1950s-style speakeasy jazz club, and taking a nostalgic trip to Paris. Dr. Ryan McMahan of the Erik Jonsson School of Engineering and Computer Science explained that there are three ideas behind the VR experiences, “Either they’ll see something they’ve experienced before, which could bring about memories; experience a place they’ve never seen before, which engages the brain; or experience something that’s completely impossible — the unique domain of virtual reality.” Brickler hopes that one day, MyndVR will produce prescriptive digital therapy to provide content based on the user’s diagnosis.

MyndVR conducted trials this past year in Kansas, Florida, California, and Texas with nearly 300 seniors from ages 70 to 100. The startup hopes a mass launch of its product in 2018. It is also partnering with the Center for Brain Health at The University of Texas at Dallas to maintain ongoing research of the effects of the technology on their users’ brains.

Brickler stated, “The elderly population still have minds that function and still have curiosity. They may not be as sharp as younger people, but at the end of the day, there’s a thirst for knowledge, recreation and therapy, and we think virtual reality might be part of the solution.”

MyndVR in partnership with the University of Texas demonstrates how R&D is changing the world for the better. Are you also doing engaging in R&D experiments to tailor technology to senior populations? Did you know that If you conduct your R&D projects in universities, you could receive up to an additional 20% credit for your expenses? To find out more, please contact a Swanson Reed R&D Specialist today.

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Clean and Pristine: Fort Worth-based Clarus Glassboards Changing the Way We Write on Walls

Ever been ready to brainstorm with your team but you end up spending more time cleaning the conference room’s filthy whiteboard that still has smudges from the past decade? Clarus Glassboards understands that frustrating feeling and created innovative dry-erase glass surfaces so that “Yesterday’s presentation will no longer be today’s distraction.”

What began as an idea born out of a Fort Worth garage in 2009 has since expanded across the country and the globe. Founded by Robby Whites and Jeremy Rincon, Clarus Glassboards’ major clients include AT&T, Macy’s, Apple, Texas Instruments, Tesla, Twitter, and Amazon. The founders, along with Clarus President Andrew Philipp, were recognized in 2015 as EY Entrepreneurs of the Year.

Whites and Rincon started the company after they lost their jobs in the financial services industry. Because of their experience during the Great Recession, they pursued manufacturing instead of high-tech because they wanted to build a product that was more hands-on. As Whites described, “When we lost our jobs, we want to make something tangible; if you dropped it on your foot it would hurt.”

Made from Vitro’s Starphire glass, Clarus Glassboards would not only hurt if you dropped it on your foot, it probably won’t break either. The Glassboards are anti-glare, durable, and as easy to clean as a bathroom mirror. Better yet, these surfaces come in customizable sizes and colors to fit clients’ diverse needs, whether it’s in the classroom, the office, or the hospital. The company even developed a limited edition ping pong table.

Part of the secret to the company’s success? It builds its product right here in the United States rather than outsource. Whites explained, “Clients appreciate our being able to make a product and ship it quick; they appreciate customization; they appreciate high quality. We have to own and control the manufacturing process.” When Amazon requested hundreds of Glassboards within a few days for its newly opened office in Romania, Clarus was able to respond immediately because it manufactured at home. “No one else in the world could have done that for [Amazon],”Philipp said.

Clarus Glassboards’ product and manufacturing process are a result of constant innovation. Did you know the company’s innovative experiments are considered R&D and could be eligible for the R&D Tax Credit? If you are conducting similar experiments, you could be eligible for the R&D Tax Credit and receive up to 14% on your expenses. To find out more, please contact a Swanson Reed R&D Specialist today.

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Dallas-based AT&T collaborates in Project Loon effort to reconnect Puerto Rico back to the communication grid

After Hurricane Maria, 95 percent of Puerto Rico’s cell towers were wiped out, leaving the island without access to communication with the outside world. In an effort to reconnect Puerto Rico, Dallas-based AT&T is working with Google’s parent company Alphabet’s X division as well as Apple to introduce a provisional band of LTE.

The initiative incorporates Alphabet X’s Project Loon, a fleet of balloons that serve as cell phone towers in the sky. First developed in 2013, the technology relies on solar energy and can stay afloat for more than three months. The balloons were initially vulnerable to wind but Alphabet X recently developed ways to move the balloons into the desired places. The purpose of the balloons is to allow those living in remote and rural areas to have internet access, and in the wake of Hurricane Maria, to reconnect Puerto Rico.

However, the balloons extend an existing cellular network, and do not create an independent one. As a result, Alphabet X needed a cellular provider to partner with Project Loon. Dallas-based AT&T which provides service on the island agreed to work with Alphabet X. AT&T said, “We’re using both traditional and innovative technologies, and are collaborating with humanitarian groups, local and federal governments, and organizations like Project Loon who are bringing additional resources to Puerto Rico to assist in the recovery efforts.” Apple is also working with Project Loon to connect iPhone users on the island.

Because of these joint efforts, AT&T announced it was able to reconnect more than 60 percent of people in Puerto Rico and 90 percent of those in the U.S. Virgin Islands. Those numbers are likely to grow.

Are you working on innovative ways to extend internet service and provide access during emergencies like Project Loon’s efforts to reconnect Puerto Rico? You may be eligible for the R&D Tax Credit and can receive up to 14% on your expenses, even if your experiments were not successful. To find out more, please contact a Swanson Reed R&D Specialist today.

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“Data is the New Oil” – Dallas Entrepreneur Develops Brainspace to Sift Through All that Information You Don’t Have Time For

Imagine trying to make sense of millions of emails, text messages, slideshows, and company reports. Sound daunting? That’s what Dallas-born and bred entrepreneur Dave Copps thought. His solution was Brainspace, a new software that does the grunt work of sifting through heaps of information.

With a processing and analyzing speed of about 1 million documents in 45 minutes, Brainspace gathers unstructured information like human language and converts it into a visual representation that makes sense for users and helps them identify patterns. It allows companies to better understand the frequently scattered conversations going on within the organization and to protect those conversations from unwanted hackers. It has also proved useful in lengthy legal investigations and counter-terrorism intelligence. Used by consulting firms, intelligence agencies, and Fortune 500 companies, Brainspace is transforming the way companies share and analyze information.

During its development stages, it was technically challenging to teach the software to understand human language, especially since humans typically use jargon, puns, and speak sarcastically. To bypass this problem which affects other language systems, Brainspace does not isolate words and meanings. Rather, it gathers information on how that word is used in relation to other words and determines meaning from that context. In one instance, many employees had misspelled “manager” as “manger”. Eventually, Brainspace was able to learn that “manger” meant “manager” because of the context surrounding the word’s use. This technique is useful in finding information that some people try to conceal by using code names. Copps said, “If someone is doing something wrong inside a company and trying to get away with something, they never speak explicitly about what they’re doing wrong. They try to use code names. There’s no history. But it doesn’t matter for us. We see that made-up word, that new word, that slang and we start to associate it with all the words around it and all these different instances where it occurred. Then, we can very quickly tell you what it is.”

This ability to extract information behind concealed meaning is a gamechanger in the counterterrorism field. Copps explained, “It’s really the same problem, but a different data set: How do you take information that you collect about bad guys and find out who they are and what you can do about it to thwart it? Of all the things we’re doing, that’s the one that has me most excited: knowing we can help prevent terrorism.”

Brainspace was absorbed into Cyxtera, a cybersecurity, data center company earlier this year. Cyxtera developed a new version of Brainspace software this year, allowing it to learn over 300 languages including Mandarin and Farsi. Innovation for Brainspace doesn’t seem to be stopping anytime soon. Copps said, “Data is really the new oil. If you have information, that’s one thing. But if you have information and can understand it and be able to do things with it, that’s a competitive advantage over anyone else.”

Experimenting with software and codes to make sense of unstructured information like Brainspace? You could be eligible for the R&D Tax Credit and can get up to 14% on your R&D expenses, even if your experiments were not successful. To find out more, please contact a Swanson Reed R&D Specialist today.

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DFW-based Methodist Health System adopts Epic Electronic Health Record to integrate patient records

The exchange of health information between patients and providers has come a long way in the Dallas-Fort Worth (DFW) region, especially with the adoption of the Epic Electronic Health Record, but it still has a long way to go.

Earlier this year, Pamela McNutt, senior vice president and Chief Information Officer of the DFW-based Methodist Health System, launched the Epic Electronic Health Record (EHR) across the system’s 46 facilities, consisting of hospitals as well as teaching, specialty, and community practice clinics. The goal was to integrate patient records and allow patients to be on one portal. Prior to Epic’s implementation, the Methodist Health System used MEDITECH and NextGen but these did not always serve the system’s needs. McNutt explains, “[W]e really felt like we needed an integrated record. That was number one. Also, so many other people in the Dallas-Fort Worth region had Epic already, so physicians had experience using it.” With 190 million people on Epic worldwide and with most Texas providers already using Epic and its web-based service EpicCare Link, McNutt noted integration has become more accessible: “We are exchanging thousands of records every day. This exchange is happening with non-Epic providers, too.”

Of course, there are still improvements needed in the exchange of health information. Physicians are often burdened by the amount of documentation they need to do in addition to their regular practice. McNutt expressed hope that the Epic Electronic Health Record and other new technologies could assist with that burden on providers in the future, “whether it’s a tap-and-go-single sign-on with a badge, or using best practice templates.” She further added that IT systems need to be constantly upgraded to meet the changing needs of the healthcare market. Innovation is also key.

As the software company behind the Electronic Health Record, Epic is no stranger to innovation. For one, the company has introduced smartphone access to its software. It also offers programs to help patients know the risk of developing certain diseases, such as diabetes. As well, Sumit Rana, Epic’s senior vice president of research and development, imagines that tele-health will become an integral part of health care by 2018, allowing patients to participate in video appointments with their healthcare providers. Part of Epic’s success could be attributed to the fact that the company invests 50% of its operating expenses in R&D.

Did you know Epic’s R&D experiments are eligible for the R&D Tax Credit? If you are doing similar product developments like Epic, you could be eligible as well and can receive up to 14% of your R&D expenses. To find out more, please contact a Swanson Reed R&D Specialist today.

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18 billionaires from Dallas-Fort Worth make Forbes’ 400 Richest Americans List in 2017

Forbes released its annual 400 Richest Americans list on Tuesday, October 17 and the verdict is in: 18 of the 34 Texans who made the cut call Dallas-Fort Worth “home”.

The richest Texan is Alice Walton, 68, the Walmart heiress who resides in Dallas-Fort Worth and whose estimated net worth is at $38.2 billion. She ranks No. 13 on the Forbes 400. She is an active curator of art, serving as Chairman of Crystal Bridges Museum of American Art in Bentonville, Arkansas and having supported the Amon Carter Museum of American Art.

Texas’ economy is diverse but its main sources of wealth are oil, gas, and pipelines. The Forbes 400 reflected this with Robert Bass, Ray Lee Hunt, Trevor Rees-Jones, and Sid Bass among DFW residents in the Top 400 whose fortunes were built on oil. Others like Andrew Beal and H. Ross Perot Senior and Junior made their wealth through real estate. Sports also played a role, with Dallas Cowboys owner Jerry Jones, worth an estimated $5.6 billion, rounding out the top three richest Texans and No. 95 in the country. Dallas Mavericks owner Mark Cuban has an estimated $3.3 billion, making him the 21^st richest Texan. Cuban is also an investor on the television show, “Shark Tank.”

Bill Gates remains the richest American, with $89 billion. Jeff Bezos, Amazon founder and CEO, claimed the No.2 spot with $81.5 billion, replacing Warren Buffett who previously held title for fifteen years and now sits at No. 3 with $78 billion. Facebook’s Mark Zuckerberg rounded the top four Richest Americans with a net worth of $71 billion.

2017 has proven a successful year for the country’s wealthiest Americans. Forbes’ 400 criteria jumped from 2016’s $1.7 billion net worth threshold to $2 billion. The Forbes 400’s total net worth is $2.7 trillion compared to last year’s $2.4 trillion.

Despite the minimum increase, 22 newcomers made the Forbes 400 list with 14 of them being self-made entrepreneurs. Notable innovators include Don Vultaggio, founder of Arizona ice tea and Tito Beveridge who created Tito’s Handmade Vodka. Netflix founder Reed Hastings also notably landed a spot on the Forbes 400 with an estimated $2.2 billion.

Are you an aspiring entrepreneur in Dallas-Fort Worth engaging in R&D to develop new products and maybe one day make the Forbes 400 Richest Americans List? You could be eligible for the R&D Tax Credit and can receive up to 14% on your expenses. To find out more, please contact a Swanson Reed R&D Specialist today.

Who We Are:

Swanson Reed is Texas’ largest Specialist R&D tax advisory firm, offering tax credibility assessments, claim preparation, and advisory services. We manage all facets of the R&D tax credit program in Texas, from claim prep & audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPA’s. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative

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