Business tax credits are credits that are available to businesses and are used to offset a company’s financial obligation to the government.
Your general tax credits for the year consists of your carryforward of business credits from prior years plus the total of your current year business tax credits. In addition, your general business credits for the current year may be increased later by the carryback of tax credits from later years. You subtract this credit directly from your tax.
All of the following business tax credits, with the exception of the electric vehicle credit, are part of the general tax credits. The form you use to figure each credit is shown below.
To claim a general business tax credits, you will first have to get the forms you need to claim your current year business tax 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.
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