ascertain at least three (3) business tax credits that business owners often ove

Question

ascertain at least three (3) business tax credits that business owners often overlook. Briefly outline a communication plan that the IRS can utilize to communicate such tax credit information to business owners. Provide support for your recommendation. From the e-activity, identify at least three (3) general business tax credits, and describe at least two (2) conditions that could cause a recapture of a general business tax credit. Recommend at least two (2) tax-planning strategies for avoiding or reducing the recapture potential. Provide specific examples of such strategies.

Explanation / Answer

Business tax credits that business owners often overlook are as under:

1. Tax credit on small donations paid.

2. Tax credit in political donations

3. Tax credit on purchase on small inventory items.

IRS can communicate the tax payers about such credits via web site. So that when the tax payers consider the filling it can take the credit of such taxes paid

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