Health Care Tax Credit

Health Care Tax Credit

A tax credit available to some small businesses that provide health insurance for their employees. The health care tax credit is a direct, dollar-for-dollar reduction in a business' tax liability up to a certain percentage of the premium it pays for employee health insurance. The credit phases out for average employee incomes between $25,000 and $50,000 and for business with between 10 and 25 full-time employees. This credit became available in 2010.
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Of particular interest is the explanation of the Small Business Health Care Tax Credit and ACA's impact on Flexible Spending Arrangements (FSAs) and Health Savings Accounts (HSAs).
will host a webcast to map out the changes the ACA will have on the Small Business Health Program (SHOP), the Small Business Health Care Tax Credit, compliance requirements for recordkeeping, and next steps for 2015 and beyond.
But if you want to apply for the Small Business Health Care Tax Credit, you will need to get a notice of your SHOP eligibility before you file your returns for tax year 2014.
The IRS site links to a Small Business Health Care Tax Credit Estimator developed by the Taxpayer Advocate Service (available at tinyurl.
The Small Business Health Care Tax Credit significantly helps businesses by offsetting some of the cost increases that may come with providing quality, affordable health insurance to employees.
As the March 15 corporate tax filing deadline approaches, California's small businesses need to know they may qualify for an important health care tax credit available under the Affordable Care Act.
Tucker says business owners who want to check if they qualify will find a step-by-step guide on the Small Business Health Care Tax Credit page of the IRS website.
4 pays for the change by allowing the federal government to recoup more money from taxpayers in cases where individuals received an overpayment in their health care tax credit.
Most recently, Department of Treasury Secretary Timothy Geithner outlined the benefits of the Small Business Health Care Tax Credit in a brochure.
Included in the Affordable Care Act enacted in March, the small-business health care tax credit is designed to encourage both small businesses and small tax-exempt organizations to offer health insurance coverage to their employees for the first time or maintain coverage they already have.

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