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Home > Preparing Your Tax Return(s) and Information Returns

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
Publication 954 Tax Incentives for Empowerment Zones and Other Distressed Communities