Increasing Awareness of the Importance of Skincare Gives the Dermatology Industry a Chance at Beneficial Tax Credits

WEST PALM BEACH, Fla., May 5, 2021 (Newswire.com) -  Research and development for skincare products, treatments and cures have significantly increased over the years due to heightened awareness of skin cancer and other skin diseases. The global skincare product market is projected to reach 183 billion by 2025 with a CAGR rate of 4.4%. This increase in demand for skincare products comes the opportunity for lucrative tax credits that can bring dermatology companies direct cash flow. If your company is involved with the development of skincare methods and medicines that are new, improved and more efficient, National Tax Group can help you receive these tax benefits. 

"These R&D tax credits promote innovation within businesses and encourage them to take risks, be creative, and become leaders in their industry," said Lee Ferry, President of National Tax Group. "With over 20 years of experience helping clients through tax deductions, National Tax Group has fine-tuned a proven process for our clients to receive these benefits."

The activities that qualify for research and development differ based on the type of research dermatologists perform, but there are some common activities that companies in the dermatology industry undergo that qualify them for research and development tax credits:

• Clinical and laboratory research for skin disorders, diseases or cancer
• Advances in technology such as smartphone applications that allow people to self-examine irregular moles or skin lesions
• Research to develop drugs or creams that help treat skin diseases or disorders or even cosmetic developments such as acne medicine or hyperpigmentation lightening cream
• Treatment, diagnosis, and prevention of disease for the hair, skin and nails
• Non-invasive cosmetic surgeries like Coolsculpting
• Therapeutic aspects of skincare to help eliminate discomfort or health risks

If you think your company may qualify for R&D tax credits, the next step would be gathering the paperwork to assess employee wages, cost of supplies and testing, contract research expenses, and costs associated with developing a patent. This is a detailed process and having a team of tax professionals to help  can help guarantee that you get the maximum amount you can receive.

For more information regarding 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 have 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.

Source: National Tax Group