There are a handful of common tax credits you may be able to apply to your small business and not even know it. Listed are a handful of common tax credits provided by the IRS. For more information on the details of the tax credits and whether they might apply to you, check out the IRS website.

Energy Efficient Commercial Buildings Deduction: Certain properties, energy efficient commercial building properties (EECBP), or energy efficient commercial building retrofit property (EEBRP) may allow their owners to claim certain tax deductions. EECBP must be installed as part of the interior lighting systems, heating cooling, ventilation and hot water systems, or the building envelope, and be part of a plan to reduce the total energy requirements by the listed systems by 25% or more annually.

Employer-provided childcare credit: If you provide childcare services to your employees, you may be eligible for general business credit. The Employer-Provided Childcare Credit offers a tax credit up to $150,000 per year to offset 25% of the qualified childcare facility expenditures. A qualified childcare facility must meet the requirements of applicable laws where it is located, as well as be primarily used to provide childcare assistance, must have at least 30% of the enrollees be dependents of company employees, and must not discriminate in favor of highly-compensated employees.

Opportunity Zones: Opportunity Zones are an economic development tool that allow people to invest in distressed areas in the United States, to spur economic growth and job creation, and provide tax benefits to investors. A list of Qualified Opportunity Zones can be found on the IRS Website. https://www.irs.gov/credits-deductions/businesses/opportunity-zones

Work Opportunity Tax Credit: This is a Federal tax credit that applies to employers who hire individuals from certain groups that have faced barriers to employment. This includes hiring people who are under specific qualified groups, such as veterans, people receiving state assistance, and teenagers between 16 and 18 during the summer months. To apply for the credit, you must pre-screen and obtain certification that the employee is a member of a targeted group. For more information about limitations and the specific qualified groups, check out the IRS Website. https://www.irs.gov/businesses/small-businesses-self-employed/work-opportunity-tax-credit