Little Known Corporate Tax Credits

A little known corporate tax credit is a tax credit for pharmaceutical research and development. Another little known corporate tax credit allows a reduction in taxes for the use of energy alternatives. These may seem like programs that are widely advertised but truthfully tax credits for business are not widely known or utilized.

IRS Information on Corporate Tax Credits

Understanding which corporate tax credits are available requires a business to work with the tax accountant to understand what is available. The IRS publishes information on credits that can be taken by all taxpayers. This includes individuals, businesses and other taxable entities. A corporation hires individuals who understand the tax code and should be aware of all tax credits that affect the corporation’s taxes.

Hiring Qualified Tax Counsel

A corporation that does not have the counsel of a qualified tax professional should seek it. Not knowing what corporate tax credits are available does not seem like a prudent way to operate a corporation.