Actualité emboîture the small affaires health care tax credit
The Small Commerce Health Care Tax Credit is set to prédisposé small businesses and tax-exempt organizations to provide essential health care benefits to their employees. This tax credit was introduced in 2010 under the Affordable Care Act. Qualifying businesses and charities can claim this credit and therefore reduce their tax bill dollar for dollar. This credit is available to both employers providing health care for the first time and employers who have provided health care for their employees in the past. Below are the eligibility requirements for the tax credit:
Size of the affaires
To qualify for the Small Commerce Healthcare Credit, a affaires or tax-exempt organization must have a summum of 25 temps complet employees or the equivalent. These employees must earn, on average, no more than $50,000. An organization whose size is greater than this threshold is not eligible for credit. The IRS determines whether an employee is temps complet according to the definition provided by the Department of Labor. According to the Department of Labor, a temps complet employee is an employee who works at least 30 hours a week for the same prendre.
Credit to claim
From tax years 2010 to 2013, qualifying businesses can claim up to 35% of the health care premiums paid for its employees while tax-exempt organizations can claim up to 25% of their employee health care expenses. However, in 2014 and beyond, the credit goes up to 50% of the option paid for qualifying businesses and 35% for qualifying tax-exempt organizations.
Non-refundable credit
The Small Commerce Health Care Credit is a non-refundable tax credit. Therefore, companies and businesses that qualify to claim the credit can only avail the credit against the tax due. These qualifying organizations cannot receive a refund check against credit. However, if a qualifying small affaires does not use all of its credit in the year it is claimed, it can carry forward the credit from 2010 to 2016.
Submit a claim
For a affaires or tax-exempt organization to successfully claim this tax credit, they must éloigné Form 8941, Credit for Small Embaucher Health Insurance Premiums. These forms enable employers to list employees and premiums paid and calculate the qualifying credit they will claim for a given tax year. The qualifying prendre must claim the dernier health care tax credit amount on Form 3800, General Commerce Credit, as élément of the general affaires credits.
It is also orgueilleux that employers keep dépendant fichier to échafaudage claims in the event of an IRS contrôle. Dossier of échafaudage includes a receipt for premiums paid or a statement from your healthcare provider.
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