 Income tax 2021-2022, business credits. Get ready to get refunds to the max, diving into income tax 2021-2022. Most of this information can be found in publication, 334, tax guide for small business tax year 2021, looking at the income tax formula, line one income. We would have a sub-schedule, basically an income statement, which has income and expenses. The expenses basically being deductions, the net flowing in to line one income of the tax formula and the form 1040 page one. On the tax return, we would have the schedule C flowing into the schedule one, then flowing into the first page of the 1040 here on line eight. This is the schedule C in essence and income statement. We're looking at business credits now. So we're gonna go over these in a, basically just an overview of these because they're generally applying to more specialized areas, which would be dependent on the type of business that you are in. So if any of these are applicable, you could take a look at the publication for more detail and the form instructions for more detail and continue your research from there. All of the following credits are part of the general business credit. The form you use to figure each credit is shown in parentheses. You will also have to complete form 3800. So you can look at the instructions for form 3800 as another starting point to do further research. Some credits have expiration dates. Check the instructions for each credit to make sure it is available for 2021. Alternative fuel vehicle refueling property credit, form 891.1. This credit applies to the cost of any qualified fuel vehicle refueling property for more information. You can look at the form 891.1. The alternative motor vehicle credit, you can look at form 891.0 to research that one in more depth. Bio diesel and renewable diesel fuels, you can look at form 8864 in more depth for that one. Bio fuel producer credit, form 6478 is where you can look at that for more detail, carbon oxide sequestration credit. That's on form 8933. This credit is the carbon oxide that is captured at a qualified facility and disposed of in secure geological storage or used in a qualified enhanced oil or natural gas recovery project. For more information, you can see the form 893.3. Credit for employers, social security and Medicare taxes paid on certain employees' tips. So form 8864 for that one. This credit is generally equal to your employer's portion of social security and Medicare taxes paid on tips received by employees of your food and beverage establishment where tipping is customary. So tips can be a little bit confusing because the IRS wants you to record the mass revenue and then they're gonna try to get the employer to kind of force them to report the tips in some ways, which can be difficult because depending on how the tips are gonna basically work and then you've got the issue with the self-employment or the payroll taxes involved with it, which is gonna be an added complexity when you're thinking about these tips. Cause it used to be, of course, when you tip someone, you usually paid someone cash tip and then they put it in their pocket and nobody had, nobody had, you know, wasn't a, you know, but now of course they wanna report the tips and one way to get the tips reported is try to get the employer to be the one that has to report the tips and then once they're reported then the question comes into play with regards to the social security or payroll taxes and so on. So the credit applies regardless of whether the food is consumed or on or off your business premises. For more information on that one you can see form 886. We have the credit for employer differential wage payments. That's on form 893.2. This credit provides businesses with an incentive to continue to pay wages to an employee performing services on active duty and the uniformed services of the United States for a period of time, more than 30 days. For more information you can see the form 893.2. We have the credit for employer provided childcare facilities and services form 888.2. This credit applies to the qualified expenses you paid for employee childcare and qualified expenses you paid for childcare resources and referral services. So you can look at the form 888.2 for that one. Credit for increasing research activities form 6765. This credit is designed to encourage businesses to increase the amounts they spend on research and experimental activities including energy research. So for more information on that one you can look at form 6765. Credit for small employer health insurance premiums. That's on form 894.1. This credit applies to the cost of certain health insurance coverage you provide to certain employees. For more information you can look at that form 894.1. Credit for small employer pension plan startup costs form 888.1. The credit applies to pension plan startup costs of a new qualified defined benefit or defined contribution plan including a 401k simple plan or simplified employee plan. So that's one of the benefits that you could basically give to employees and would be the retirement plan. And so you can look into that as well. So for more information you can see publication 560 retirement plans for small business disable access credit form 888.2.6. This credit is a nonrefundable tax credit for an eligible small business that pays or incurs expenses to provide access to persons who have disabilities. You must pay or incur the expenses to enable your business to comply with the Americans with Disabilities Act of 1990. For more information form 888.2.6. Distilled spirits credit form 8906. This credit is available to distillers and importers of distilled spirits and eligible wholesalers of distilled spirits for more information. C form 8906, distilled spirits. So I need some distilled spirits. Okay, employee retention credit form 888, I'm sorry, form 5884A. You may qualify for this credit if you continue to pay or incur wages after your business became inoperable because of damage from certain federally declared disasters. So for that you can look at the form 5884A. Employer credit for paid family and medical leaves form 8994. This credit applies for wages paid to qualify employees while they are on family and medical leave subject to certain conditions. So you can look at that form here 8994. That is empowerment zone employment credit form 8884.4. You may qualify for this credit if you have employees and are engaged in a business in an empowerment zone for which the credit is available. For that you can look at form 8884.4. Indian employment credit form 8884.5. This credit applies to qualified wages and health insurance costs you paid or incurred for qualified employees. For that you can look at form 8884.5. You got the investment credit form 3468. The investment credit is the total of the several credits for more information you can see form 3468. And then we've got the low software diesel fuel production credit form 8896. And then we have the low income housing credit form 8586. This credit generally applies to each qualified low income building placed in service after 1986. And then we have the mine rescue team training credit form 8923. This credit applies to training programs costs you pay or incur for certain mind rescue team employees. So again, some of these credits are obviously gonna be specialized kind of areas and you can go into the more research on the particular or related forms to dive deeper into them.