CHAPTER 23 Roundup of Tax Credits
- Employment-Related Credits
- Capital Construction–Related Credits
- Other Tax Credits
- General Business Credit
Just as deductions offset business income, tax credits offset tax liability. In effect, tax credits are considerably more valuable than deductions since they offset taxes on a dollar-for-dollar basis.
Businesses may be entitled to a variety of credits that Congress created to encourage certain activities—hiring special workers, using alternative energy sources, pouring money into research, and so on. Not every business credit applies to small business owners (but all business-related credits are listed within this chapter to alert you to their existence).
Many of these credits have been discussed throughout this book in the chapter to which they relate. However, here you will find a roundup of tax credits, a brief explanation of what they are all about, and where you can find more information on them within this book (see Table 23.1, page 504).
Table 23.1 Guide to Tax Credits
| Business Credits | Tax Form | More Info |
| Alcohol fuels credit | Form 6478 | |
| Alternative motor vehicle credit | Form 8910 | Chapter 9 |
| Credit for FICA tax on tips | Form 8846 | Chapter 7 |
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