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J.K. Lasser's Small Business Taxes 2017 by Barbara Weltman

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CHAPTER 23 Roundup of Tax Credits

  1. Employment-Related Credits
  2. Capital Construction–Related Credits
  3. Other Tax Credits
  4. 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, providing health coverage for your staff, and so on. Not every business credit applies to small business owners (but most of the 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 business 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 520). Some personal credits that have a business connection are explained in this chapter, but education tax credits are explained in Chapter 22.

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
Disabled access credit Form 8826 Chapter 10
Employer-provided child care facilities ...

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