Many Small Business Credits exist that could have a substantial effect on your tax refund.
Small Business Tax Credits include the following: General Business Credit, Investment Credit, Work Opportunity Credit, Credit for Alcohol for fuel Credit, Credit for Increasing Research Activities, Qualified Electric Vehicle Credit, Empowerment Zone Employment Credit, New Markets Credit and Credit for Small Employer Pension Plan Startup Costs.
Some of these credits are reported on the following Forms:
· General Business Credit - Form 3800.
· Alternative Motor Vehicle Credit – Form 8910.
· Investment Credit - Form 3468.
· Credit for Employer Social Security & Medicare Taxes paid on Tips – Form 8846
· Increasing Research Activities Credit - Form 6765.
· Empowerment Zone Employment Credit - Form 8844.
· New Markets Credit - Form 8874.
· Small Employer Pension Plan Startup Cost Credit - Form 8881.
If you File a Schedule C you may also qualify for the Earned Income Credit. This Credit typically applies to lower income earners. Did you know that you can also carry-back most credits to prior tax years, where you filed a Return. This means that you can re-file an old return and possibly qualify to get some money back in your pocket.
The Alternative Motor Vehicle Credit, which is reported on Form 8910 is becoming a more widely used Credit, due to it's great tax savings. This particular Credit is made up of the following other Credits:
· Fuel Cell Vehicle Credit
· Advanced Lean Burn Technology Vehicle Credit
· Hybrid Motor Credit
· Plug-In Electric Drive Credit
Many of these Credits are unknown to most people and can result in large tax savings and big refunds. Check out TurboTaxOnline to see what Credits you might qualify for.f
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