Preparing Your Tax Return(s) and Information Returns
Business Credits
Your general business credit for the year
consists of your carry-forward of business credits from prior
years plus the total
of your current year business credits. In addition, your general
business credit for the current year may be increased later
by
the carryback of business credits from later years. You subtract
this credit directly from your tax. All of the following credits
are part of the general business credit. See Publication
553 for current year to year changes. See Publication
334
for information on each credit, including how to claim the credit. Corporations and partnerships, see the instructions for your tax returns.
- Credit for alcohol used as fuel (Form
6478)
- Credit for contributions to selected community development
corporations (Form
8847)
- Credit for employee social security and Medicare taxes
paid on certain employee tips (Form
8846)
- Credit for employer-provided
child care facilities and services (Form
8882)
- Credit for
increasing research activities (Form
6765)
- Credit for small
employer pension startup costs (Form
8881)
- Disabled access
credit (Form
8826)
- Empowerment zone and renewal community
employment credit (Form
8844)
- Enhanced oil recovery credit
(Form
8830)
- Indian employment credit (Form
8845)
- Investment credit (Form
3468) - The investment credit is the sum of the following
three credits.
- Energy credit
- Reforestation credit
- Rehabilitation credit
- Low-income housing credit (Form
8586)
- Orphan drug credit (Form 8820)
- Renewable Electricity and Refined Coal Production Credit (Form
8835)
- Welfare-to-work
credit (Form 8861)
- Work opportunity credit
(Form
5884)
Caution: Although the empowerment zone and
renewal community employment credit (Form
8844) is part of the
general business
credit, report it on Form 3800. This credit is subject
to different rules.
Important References:
Form 3468 Investment
Credit
Form
3800 General
Business Credit
Form 5884 Work Opportunity
Credit
Form
6478 Alcohol
Fuels Credit
Form
8586 Low-Income
Housing Credit
Form
8820 Orphan Drug
Credit
Form 8826 Disabled
Access Credit
Form
8830 Enhanced
Oil Recovery Credit
Form 8835 Renewable Electricity and Refined Coal Production Credit
Form
8844 Empowerment
Zone and Renewal Community Employment Credit
Form
8845 Indian Employment
Credit
Form
8846 Credit for
Taxes Paid on Certain Employee Tips
Form
8847 Credit for
Contributions to Selected Community Development Corporations
Form
8861 Welfare-to-Work
Credit
Form
8881 Credit for
Small Employer Plan Pension Startup Costs
Form
8882 Credit for
Employer-Provided Child Care Services and Facilities
Publication
334 Tax Guide for Small Business
