Tax Credit Consulting: Business Tax Credits Bear DE
New Castle, DE
Life Strategies, LLC
Years of Experience: 8
IARFC, FPA, SFSP
Invoice, Estate Planning, Retirement Planning, Tax Planning, Charitable Planning, Asset Protection, Compensation Plans
Diversified Financial Consultants
Years of Experience: 34
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Asset Protection, Compensation Plans
New Castle, DE
Title: Certified Financial Planner"
Company: Morgan Stanley Smith Barney
Years Experience: 8
Captive Insurance,Life Settlements,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rol
Company: Curry Poole Group, LLC
Investment Advisor Rep: Yes
Registered Investor: Yes
Years Experience: 42
Pension for Highly Compensated Owners,Stock Market Alternative,Reverse Mortgage,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Portfolio Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Man
New Castle, DE
Tax Credit Consulting: Business Tax Credits
Business Tax Credits
The Federal Internal Revenue Service allows a large number of Business Tax Credits. These credits are subtracted directly from you taxes and are important to understand completely.
The total of all of your Business Tax Credits is computed on Form 3800. This business tax credit total is the sum of your carryover credits from previous years and your current total business tax credit for the current year. This total may be increased in the future by carry-backs from future years. In this case, an amended tax form could be filed. In addition to the General Business Tax Credit, there are currently around 28 addition credits that can be claimed.
The Internal Revenue website gives a list of the available Business Tax Credits and the appropriate form that each must use to file the credit. In most cases, the total from the various forms is transferred to the appropriate line on the Form 3800. Each individual credit filing form gives instructions and other qualifying information on the credit.
The credits are mostly incentives. They are designed to encourage the business to engage in a certain practice. Examples are the Work Opportunity Tax Credit (WOTC) which uses Form 5884, or the Alternative Motor Vehicle Credit which uses Form 8910. Other credits include the Recapture of Low-Income Housing Credit using Form 8611 and The Disability Access Credit using Form 8826.
Some of the credits are of a social nature encouraging activities that have popular political support such as the Credit for Employer Provided Childcare Facilities and Services Credit, which uses form 8882. The forms themselves and the instructions on them can help better understand each one's own restrictions and limitations. The Disability Access Credit on Form 8826, for example, shows you that the credit must be at least $250 as a minimum and $10,000 as a maximum. Even then, only 50% of the amount between the minimum and maximum can even be used. So, the total of the credit co...