I am a small business owner. Should I file IRS Form 7200? Some of my peers have but I don't see what the benefit is.

Forum|Forum|4 years ago
January 28, 2022
1 reply
7 views

No text available

TurboTax Online

RobertB4444

Level 15

If your business is entitled to credits in 2022 you can file form 7200 and request to have those credits paid to you now instead of waiting until you file next year. If you need operating capital right now this might be a handy thing to do. Otherwise, these tax credits will still be here for your 2022 tax return.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

joe142Author

Level 2

So the form is to get the credits sooner? It has nothing to do with additional credits above and beyond what the normal tax filing process will ask for?

ThomasM125

Level 15

This is correct, with form 7200 your are just requesting an advance on employment credits that will be entered later on when you prepare payroll tax returns such as form 941 and 944.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"