Did you know that a relatively new small business health care tax credit can help you save money on employee health insurance costs for some workers? Among other steps, to qualify you must:
Pay at least half the premium cost for each employee.
Have fewer than 25 full-time equivalent employees with average wages of less than $50,000 a year.
The credit may be up to 35% of premiums for small businesses and 25% of premiums for tax-exempt organizations for costs paid in 2010 through 2013. Those numbers will rise to 50% and 35% respectively, in 2014. And if you don’t owe tax this year, you can carry the credit back or forward to use in other years.
If you think you may be eligible, contact us today. We can help you take advantage of any tax-saving opportunities to help you run your business.
