Give (Tax) Credit Where Credit is Due: Business Tax Credits for the Small Business

A number of general business tax credits (GBTCs) are available to small businesses. These tax credits are reported on a small business tax return and are subject to limitations on the aggregate credit. Learn more about the types of GBTCs available to small businesses, with an explanation of IRS forms used to report each tax credit, and a description of each tax credit's eligibility requirements.

READ NOW »

Related Content 

• Small Business Tax Basics
  Learn how small businesses report income or losses on forms and schedules, including Schedule C of IRS Form 1040 (Schedule C), Form 1065, Form 1120S (S corporations), and Form 1120 (C corporations). This practice note analyzes tax advantages and disadvantages for particular entities, accounting periods, book versus tax income, estimated tax, self-employment tax, employment tax, and how to file.

Practical Guidance Updates 
Featuring the latest updates from your Practical Guidance account.    

• Tax Key Legal Developments Tracker (Federal)
  Stay informed on new developments: 
  • Individual Income Tax. IRS announces revocation of IRC 501(c)(3) Organizations for failing to meet the code section requirements. Contributions made to the organizations by individual donors are no longer deductible under I.R.C. § 170(b)(1)(A). Announcement 2022-10.
• Document alerts allow you to stay current on legal developments that affect your practice. Find out how to set up your document alerts. 
• Check out the new Practical Guidance Author Center! Learn about the 1500+ leading attorney authors contributing to our 21 practice areas, and find out how you can Become a Practical Guidance Author.
• The Practical Guidance Journal Spring 2022 Edition features guidance for employers on COVID-19 vaccination, testing, and employee health data protection; climate change disclosure market trends; and updates related to the Secured Overnight Financing Rate (SOFR).
• New and Recently Updated Practical Guidance Content
  • Foreign Currency Transactions and Tax Consequences
  • Fundamentals of Tax Loss and Tax Credit Carryforwards
  • Commuter Accounts When Expenses Dry Up
  • Lifestyle Spending Account Compliance Considerations
  • Ninth Circuit: Tax Return Considered Filed When Sent in Response to IRS Inquiry
  • The Russia-Ukraine War’s Impact on Global Workforce Mobility

Experience results today with practical guidance, legal research, and data-driven insights—all in one place.

Experience Lexis+