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Frequently Asked Questions

What is a tax credit and how does it work?

What Is a Tax Credit? A tax credit lowers the amount of money you must pay the IRS. Not to be confused with deductions, tax credits reduce your final tax bill dollar for dollar. That means that if you owe Uncle Sam $5,000, a $2,000 credit would shave $2,000 off your total tax bill.

Do businesses get a free annual credit report?

While there are dozens of free credit score and free credit report resources available for consumers, it gets tricky when you look for business versions. There are select free business credit score resources available, but you may not get the full picture compared to a service that requires you to pay.

What is a small business tax credit?

This popular small-business tax credit comes out of the Affordable Care Act, better known as Obamacare. This credit is for companies that provide small-business health insurance to their employees. The small-business health care tax credit via Form 8941 is available to businesses that: Have fewer than 25 full-time or equivalent employees.

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