Lesson: Credits Applicable to Corporate Taxation

In this engaging lesson, Nick Palazzolo, CPA, breaks down the various tax credits available to C-Corporations, including the intricacies of the general business credit, foreign tax credit, and minimum tax credit. With a clear and concise approach, he navigates through the composition of the general business credit, detailing its components such as the investment and R&D credits. Moving on to international waters, Nick illustrates how corporations can benefit from foreign tax credits by choosing either a deduction or a credit, and walks through a practical example to determine the allowable credit amount. Finally, he unpacks the rules surrounding tax credit limitations, carrybacks, and carryforwards, ensuring a strong grasp of how to effectively utilize these credits to minimize tax liabilities and optimize returns.