Health Care Reform Small Business Tax Credit Calculator Some Tax Credits are Easy! If you run a small business and offer health insurance to your employees, you may be eligible for a Tax Credit.
Find out right here and now. See our Employer’s Health Insurance Tax Credit tool, below.
If you qualify, your business might be eligible for a tax credit if you offer health insurance to your employees. The purpose of this newsletter is to simply make you aware of this credit so you can work with your tax planner and take advantage of the savings. What does the credit mean to you? For 2010 through 2013, you can get up to 35% of your health care premiums credited if you qualify. Tax exempt organizations can get up to 25% credit of the premiums paid. For 2014 the credit increases to 50% of what your company paid in health care costs. Tax exempt organizations can get up to 35% credit of the premiums paid.
Definitions: How do you know you qualify?
Read these 4 rules first, then check our Tax Credit Calculator. Eligibility Rules Providing health care coverage. A qualifying employer must cover at least 50 percent of the cost of health care coverage for some of its workers based on the single rate. A qualifying employer must have less than the equivalent of 25 full-time workers. (Owners and family do not count.) Average annual wages must be below $50,000 for all employees. Both taxable (for profit) and tax-exempt firms qualify.
CLICK HERE TO SEE IF YOU QUALIFY
(If the link does not work Click here)
Eligibility Rules (go to www.IRS.gov (IRS NOTICE 2010-44) for all of the rules) As a courtesy, we have created a complimentary Microsoft Excel spreadsheet. Click Here to download it. (Right click the link and select "save target as") Please consult with your tax professional for exact eligibility. Contact Us for more help about this and other employee benefit information.
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