The recent health care reform may have you wondering exactly how you as a small business owner can benefit.
Starting in 2010 businesses who pay at least half of their employees health insurance may be allowed to take a small business tax credit.
It?s possible that you may be able to get a tax credit for up to 35% of the premiums that you pay for your employees health insurance.
If you?re a non-profit organization the potential credit that you may qualify for is slightly lower. The maximum potential credit for a not for profit business is 25% of paid premiums.
It?s important to understand who the IRS considers small business employers regarding qualifying for this credit. In this case a small business employer would be one that employees less than twenty-five employees and the salaries paid aren?t very high.
If you qualify to take this health insurance credit you?ll file it under general business credits on your return.
If you?re an non-profit business that?s tax exempt you must have your tax preparer contact the IRS directly in order to figure out exactly how to file your taxes and take this credit.
We should proceed with this piece of writing. Now if you?re a business owner and you don?t hire employees it?s very likely that you do not qualify for this particular tax credit. You should consult with an experience tax professional to determine what if any credit you qualify for under this tax rule. You should also check with you tax expert whether or not hiring family members would fulfill the employee requirement for the purpose of this credit. This may help you as an entrepreneur because you can hire your spouse or children.
The important thing to remember is to not make any assumptions and check with the IRS or your tax expert so that you avoid any potential problems on the tax returns.
John Whitmore is a financial planner author of 2 e-books on small business tax reduction strategies. Get a free copy of his Special report ?Secret Tax Loopholes Revealed? go to http://www.smallbusinesstaxshield.com
Source: http://plan-healthcare.com/health-care-credit-small-business-tax-credit/
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