Business Tax Credits

Business Tax Credits

Your general business tax credits for the year consists of your carryforward of business credits from prior years plus the total of your current year business tax credits. In addition, your general business tax credits for the current year may be increased later by the carryback of business tax credits from later years. You subtract this credit directly from your tax.

All of the following business tax credits, with the exception of the electric vehicle credit, are part of the general business tax credits. The form you use to figure each credit is shown below.

How to Claim business tax credits

To claim a general business tax credits, you will first have to get the forms you need to claim your current year business tax credits.

In addition to the credit form, in most cases you may also need to file Form 3800.

Form 1040 Schedule C

If you file a Form 1040 Schedule C, you may be eligible to claim the Earned Income Tax Credit (EITC). To learn more about EITC, refer to It’s easier than ever to find out if you qualify for EITC, or use the EITC Assistant to find out if you are eligible.




Gustavo A Viera is the managing partner of Gustavo A Viera, PA. His experience spans more than 25 years. He started his career in public accounting at PriceWaterHouseCoopers where reached the level senior audit manager. His Fortune 500 experience includes positions as CFO - Latin America Region for both Hewlett Packard and Telefonica of Spain. Gustavo also writes a blog twice a week that addresses trending accounting and tax issues. He is an SBA Advisor and teaches workshops for aspiring entrepreneurs. His office is located at One Alhambra Plaza Floor PH Coral Gables FL 33134, and is admitted to practice in the State of Florida as a licensed Certified Public Accountant. Gus welcomes questions and he can be reached at 786-250-4450.