April 17th is right around the corner, and with the business tax-filing deadline fast approaching, the IRS is urging small businesses offering health insurance to their employees to check out the small business health care tax credit and then claim it if they qualify.
For information on the Small Business Health Care Tax Credit, please visit the IRS.gov page Small Business Health Care Tax Credit
If your small business qualifies for the Small Business Health Care Tax Credit, you may be eligible for up to a maximum of a 35% credit. Let’s say you contribute $45,000 per year towards your employee’s health care premiums and your have been qualified for a 15% credit. Your savings would be $6,750.00. If you save $6,750 from tax year 2010 through 2013, your total savings would be $27,000.00. However, if in 2014 if you qualify for an even large credit, your savings would increase.
How do you know if you are eligible? Simply visit the IRS’s step-by-step guide to determine eligibility.