There is a new tax credit available for small businesseswho provide group health insurance for their employees. This credit is part of the Patient Protection and Affordable Care Act (PPACA). For those who wish to claim the credit for 2010 the IRS as some resources to see if you qualify.
Here is an example of how a company with 10 employees could benefit:
Wages: $250,000 or $25,000 per worker
Employer Health Care Costs: $70,000
Your 2010 tax credit = $24,500 (35% credit)
Do you qualify?
- Eligibility rules
- Amount of credit
- Three simple steps to determine your eligibility
- Tax scenarios and FAQ’s