A tax credit is very important concept to small business owners and individuals because a tax credit allows tax payers to deduct the amount of taxes owed to the IRS.
Small business tax credit is one of the most popular tax topic among small business owners. The definition of small business tax credit as given by the IRS is shown below.
A job tax credit for small business is available for selected small businesses creating new jobs in the market. A job tax credit for small business is available for any small business engaged in the selected business activities.
Below is a list of general business tax credits. In general business credits carry forward from the previous year to the current tax year.
In order to claim business tax credits, a business has to obtain appropriate IRS tax forms to claim each business tax credit. The IRS tax form for claiming each business tax credit is shown alongside the description of the business tax credit.