NOVA Financial Services’ clients include Salpointe Catholic High School, for which it has secured over $100,000 in business tax credits to date. Also known as corporate tax credits, business tax credits facilitate the reduction of taxes that an organization owes to the federal government.
Distilled spirits, low-income housing, work opportunity, and general business credits are among the wide variety of possible corporate tax credits available. The general business credit, which actually represents the sum of multiple other corporate tax credits, incentivizes certain business activities. These include engaging in research or starting a pension plan. Although the credit directly reduces a tax bill, it cannot reduce tax liability below $0.
For additional information on the general business tax credit, follow the “Business Tax Credits” link at www.irs.gov/businesses.
