Every small business owner wants to save money on their taxes. That means it's important to know about tax credits - both old and new - that are available and how to claim them.

The Inflation Reduction Act, the government-funding omnibus legislation passed in late 2022, and a host of other bills have created, modified, or expanded some existing tax credits for small business. Other tax credits for small-business owners remain underutilized, experts say, with their benefits going to larger firms instead.

Here are some of the most notable small-business tax credits.

• Work Opportunity Tax Credit

  The Work Opportunity Tax Credit is for businesses that hire employees from a wide variety of targeted groups, including veterans, people with disabilities, and ex-felons. The credit is equal to 40% of up to $6,000 in wages paid to a person in one of the qualifying groups during their first year of employment. The maximum total credit is about $2,400 and counts toward the business' income tax liability. IRS form 5884

• Small Employer Health Insurance Premiums

  To qualify for this tax credit, you must be a business owner with fewer than 25 full-time employees making an average wage less than $51,600 per year. You also must pay half of your employee's health insurance premiums, and you've purchased your plan from the Small Business Health Options Marketplace. This credit is worth 50% of the amount you paid toward the premiums. You can only qualify for this credit for two consecutive years. IRS form 8941

• Plug-in Electric Drive Vehicle credits for small businesses

  You can be eligible for this tax credit of up to $7,500 for vehicles with an external charging source, have a gross vehicle weight of less than 14,000 pounds, and are made by a manufacturer that hasn't sold more than 200,000 EVs in the U.S. The credit is slated to last until the end of 2032.

• A tax credit of $30,000 to $100,000 is also available for the buildout of electric vehicle charging stations, with the credit to be calculated based on a single unit rather than per location. IRS form 8936

Here are additional small-business tax credits you should know

• The FICA Tip Credit Tip credits are a way to include gratuities in minimum wage calculations. They allow an employer to credit a portion of an employee's tips toward the employer's obligation to pay minimum wage. Tip credits are not deducted from employees' pay; instead, if permitted to take a tip credit, employers may claim a certain amount against their minimum wage requirement. IRS form 8846.

• A Retirement Plan Start-up tax credit for businesses with less than 50 employees. This tax credit covers 100% of administrative costs up to $5,000 (up from the current 50% credit) and additional credits for employer contributions on behalf of employees up to $1,000. IRS form 8941.

• A tax credit for paying employees during their family and medical leave. If an employer pays 100% of the worker's wages, they get 25% of the wages paid as a tax credit. If it's 50%, business owners get 12.5% of those wages in the form of a tax break. Paying below 50% results in no tax credit eligibility. The years are 2018 through 2025, with the recent government funding legislation having extended the credit. IRS form 8994

• A once under-the-radar USDA guaranteed loan program has soared in popularity in recent years. The USDA Business and Industry Loan Guarantee Program, part of an umbrella loan program offered by the USDA under its One RD Guarantee Loan Initiative, offers loan guarantees of up to 80% on everything from purchasing a building, modernizing equipment, or acquiring a company. 

When you choose Quikstone Capital for your merchant cash advance, you get a funding advisor that cares about your success. Quikstone has been helping thousands of merchants since they opened their doors in 2005. Their support team is 100% US-based, and many have been with Quikstone since the company was founded. Don't forget, Quikstone is here to help you find the right solution to make your business profit and thrive.