Tax Credits for Your Small Business

Tax credits are a form of tax incentive used by Congress to promote activities that are viewed as beneficial for society. While there are many different types of tax credits for businesses, most of them are very specialized and cannot be used by many small business owners. Nevertheless, you should be familiar with the most common ones and make sure there isn't something that would work for you. Obtaining a tax credit is an incredibly valuable benefit because you get to deduct the amount of the credit directly from the taxes you pay. This is much better than a tax deduction which only reduces the amount of income that you pay taxes on. 

Understanding the basics about business tax credits is worth your time as a small business owner. If you qualify for one of the credits available to business owners, you will have the satisfaction of getting a direct reduction on the amount you owe the IRS.

 

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