Get Irs 8974 2024-2025

The IRS Form 8974 is a key document for employers seeking to claim the Qualified Small Business Payroll Tax Credit for Increasing Research Activities. This guide will provide a detailed walkthrough on how to accurately complete the form online, ensuring that you can maximize your credits while adhering to IRS guidelines.

Follow the steps to complete the IRS 8974 online.

1. Click the ‘Get Form’ button to retrieve the form and open it in the editor for completion.
2. Provide your Employer Identification Number (EIN) in the designated field.
3. Select the relevant quarter for which you are reporting by checking one of the options: January-March, April-June, July-September, or October-December.
4. In Part 1, input the ending date of your income tax period, along with the details of the income tax return that included Form 6765. Make sure to accurately fill in the date you filed the income tax return.
5. In Part 1, provide the EIN used on Form 6765 and the amount from Form 6765, line 36 or the amount allocated to your EIN.
6. Include any amounts claimed on previous periods in the specified field to track your credits correctly.
7. Move to Part 2 to determine the credit amount usable this period. Enter the relevant values from Part 1 and your annual payroll tax form (Form 941, 943, or 944) for the calculations.
8. Follow the instructions to calculate your employer share of social security and Medicare taxes, ensuring you check any applicable boxes regarding third-party sick pay or notices.
9. Review your calculations and ensure they are accurate before finalizing your entries in Part 2.
10. Once all fields are completed and verified, you can save your changes, download a copy for your records, print, or share the form as necessary.

Complete your IRS Form 8974 online now to ensure you receive your eligible payroll tax credits!