If you are planning on offering or currently are offering health insurance
to your employees we would like to remind you that small businesses who
provide health insurance coverage can receive a tax credit.
In 2012 and 2013 you may qualify for a tax credit of up to 35% if you:
1. Employ 25 or fewer employees.
2. Average annual wages are less than $50,000 per employee per year.
3. Pay half or more of the cost of health insurance premiums.
Beginning in 2014 that tax credit increases to up to 50%.
This tax credit was
put into place in 2010. If you have not previously taken that credit you
may be able to file for an amended return. Below is a link to the
inevitable fine print on the IRS website to review with your tax
professional.
The main tool for small businesses to emerge is acquiring a business insurance plan and most importantly, providing their employees with proper health care benefits. Those 2 would really contribute a lot to the productivity and safety of the company.
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