Quick Tax Tips For The Tax Season (Tip #20)

12:00 AM Jamaal Solomon 0 Comments Category :

Wonderful World of Business Tax Credits

The only people that don't love tax credits are the ones that don't qualify for them! Have you ever wanted a cheat sheet of IRS business tax credits? Well, the IRS has a great page with a list of business tax credits. Make sure to have an conversation with your accountant if you may qualify for a tax credit. As with all tax credits, they seem simple but in reality are very complex. Below is summary of the IRS page with the business tax credits. I have also included the link to the actual page.

Business Tax Credits

Your general business credit for the year consists of your carryforward of business credits from prior years plus the total of your current year business credits. In addition, your general business credit for the current year may be increased later by the carryback of business credits from later years. You subtract this credit directly from your tax.
All of the following credits, with the exception of the electric vehicle credit, are part of the general business credit. The form you use to figure each credit is shown below.

How to Claim the Credit

To claim a general business credit, you will first have to get the forms you need to claim your current year business credits.
In addition to the credit form, in most cases you may also need to file Form 3800.

If you file a Form 1040 Schedule C, you may be eligible to claim the Earned Income Tax Credit (EITC). To learn more about EITC, refer to It’s easier than ever to find out if you qualify for EITC, or use the EITC Assistant to find out if you are eligible.