For fiscal years 2010 through 2013 tax credits number, the maximum credit is 35 percent of premiums for small employers and 25 percent of premiums for small businesses tax exempt, such as charities. For tax years beginning in 2014 or later, there will be changes in the credit: The maximum credit will increase to 50 percent of premiums for small employers and 35 percent of premiums for small companies exempted from taxes. tax credits number to be eligible for the credit, a small business must pay premiums for the benefit of employees enrolled in a qualified health plan that offers health care options for small business program (equity) market.
The credit will be available to eligible employers for two consecutive fiscal years. That's what it means to you. If you pay $ 50,000 a year to care premiums health workers and if tax credits number you are eligible for a credit of 15 percent, saving. $ 7,500. If you save $ 7,500 a year from fiscal year 2010-2013 which is a total savings of $ 30,000. If in 2014, you are entitled to a slightly larger credit, say 20 percent, the savings is $ 7,500 per year to $ 10,000 per year.
Even if you are an entrepreneur of a small business that can not be tax credits number taxed during the year, you can carry the credit back or forward to other tax years. In addition, since the amount of payments of health insurance premiums is more than the total credit, eligible small businesses can still claim a deduction for business expenses in excess of the premium credit. It is a credit and a deduction for tax credits number the payment of employee bonuses.
There is good news for small employers also tax exempt. The credit is refundable, even if you have no taxable income, you may be eligible to receive the credit as a refund, provided you do not exceed your withholding income tax and insurance tax obligations disease. And finally, if you can get the credit this year, but I forgot to ask in your tax return, tax credits number there's still time to file an amended return.
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