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Small Business Tax Credit

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.

What is small business tax credit?

A small business tax credit generally consists of small business carryover of any small business tax credits from previous years and the total of the current year small business tax credits.

Small business tax credit

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Previous years' carryover small business tax credits

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Current year small business tax credits



What is special about small business tax credit?

The neat thing about small business tax credit which is why most small business owners love is the fact that the small business tax credit directly reduces the amount of taxes you owe the IRS. A small business tax credit is not like a small business tax deduction which reduces the earned income which is used to compute taxes the small business owes.

What are small business tax credits?

You can get all the IRS tax forms related to any small business tax credit from the IRS. Below are available tax credits for small businesses and their related IRS tax forms. All IRS tax forms are free.

  • IRS tax form 3800: General small business tax credit
  • IRS tax form 3468: Small business investment credit
    • This small business tax credit includes rehabilitation tax credit, energy tax credit and reforestation tax credit.
  • IRS tax form 5884: Small business work opportunity tax credit
  • IRS tax form 6478: Small business tax credit for alcohol used as fuel
  • IRS tax form 6765: Small business credit for increasing research activities
  • IRS tax form 8586: low income housing tax credit
  • IRS tax form 8611: recapture of low income housing tax credit
  • IRS tax form 8820: orphan drug tax credit
  • IRS tax form 8826: Disabled access tax credit
  • IRS tax form 8830: enhanced oil recovery tax credit
  • IRS tax form 8834: qualified electric vehicle tax credit
  • IRS tax form 8835: renewable electricity production tax credit
  • IRS tax form 8844: empowerment zone employment tax credit
  • IRS tax form 8845: Indian employment tax credit
  • IRS tax form 8846: tax credit for employer social security and Medicare taxes paid on certain employee tips
  • IRS tax form 8847: credit for contributions to selected community development corporations
  • IRS tax form 8861: welfare-to-work tax credit