Q&A: Question about IRS Tax Form 3800 General Business Credit?

Question by dan s: Question about IRS Tax Form 3800 General Business Credit?
I have a question about tax form 3800 “General Business Credit” I have a full time job so taxes are being taken out of my check etc. But I also have my own painting business. I have a contract with a local apartment complex. They told me at the end of the year they would send me tax form 1099 Misc.

Anyway I will make over 5k and I was wondering if I would be able to use tax for 3800 for anything. I was looking over the form and in Part II section 9 it tells me for individuals to enter the amount from form 1040 line 39. My question is am I able to deduct the standard deduction which is “single” “head of household” ect. depending on which one I qualify for on the 3800 tax form also?

If I am thinking correctly that would be a double deduction, once from form 1040 and then from form 3800. Can anyone help me with this or am I really missing something.

Thanks

Best answer:

Answer by Wayne Z
Probably not.

The 3800 is only rarely used and almost never used for individuals.

Unless you are purchasing historic buildings and rehabbing them, hiring people off of the welfare rolls, or making your business accessible to the disabled, you probably won’t use it. You must be spending money on one of the activities in the top section to qualify for the credit.

Add your own answer in the comments!