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If you’re running a Schedule C business,
Uncle Sam has some good news for you!
Thanks to your rich uncle, there are eight valuable tax credits that you may be eligible for when you have employees or hire employees to work in your Schedule C business.
And you may be able to claim more than one!
Here are the eight tax credits
available to Schedule C businesses.
- Work Opportunity Tax Credit
- Family and medical leave credit
- Credit for small employer health insurance premiums
- Credit for small employer pension plan start-up costs
- Credit for employer-provided childcare facilities and services
- Empowerment Zone Employment credit
- Credit for employer differential wage payments to military personnel
- Indian employment credit
Here are some important facts you should know.
Because we’re dealing with the tax law, there are rules you need to know about before you claim your credits. Some of them quite complex. Here are just a few.
- All credits are non-refundable credits that cannot exceed your tax liability.
- You must report the credits on IRS Form 3800, General Business Tax Credit, and on Schedule 3 of Form 1040.
- Each credit is different, but certain limitations apply to all or most employer tax credits.
- Generally, you cannot use the wages used to calculate one wage-based credit for another wage-based credit.
- Many of these credits may not be claimed for employees who are related to you.
- And that’s just for starters.
As you can see, the rules governing the Schedule C tax credit program are complex. (Remember that we are dealing with the IRS!)
To make sure you’re getting every penny coming to you, you need a guide to help make everything clear.
That’s where my Tax Reduction Letter comes in.
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“Juicy Tax Credits for Schedule C
Business Owners with Employees”