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The Small Business Health Care Tax Credit is changing in 2014 to better benefit small business owners. In this article, you'll find out what the three major differences are between 2014 and previous years, how to become eligible, and how the exact credit percentage is determined.
The Small Business Health Care Tax Credit is changing in 2014 to better benefit small business owners. In this article, you'll find out what the three major differences are between 2014 and previous years, how to become eligible, and how the exact credit percentage is determined.
The three major differences are:
Those changes sound great, but what does it mean for employers? It means that if you pay $50,000 a year towards your employees’ health care premiums, and qualify for a 20% credit, you are saving $10,000 a year!
How do you become eligible?
How is your exact credit percentage determined?
The credit percentage is determined on a sliding scale – the smaller the business or charity, the bigger the credit. The tax credit is highest for companies with fewer than 10 employees who are paid an average of $25,000 or less. The IRS works with the Department of Health and Human Services to obtain average premium figures for the Small Employer Health Care Tax Credit. If you would like to estimate your tax credit, you can do so through the Healthcare.gov website here.
You can find more information regarding eligibility, form submissions, and instructions for submissions by visiting IRS.gov.
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