Patient Protection and Affordable Care Act could give you a tax credit
Are you a small business that offers health insurance? Did you know that with healthcare reform and the recently enacted Patient Protection and Affordable Care Act may allow your business to receive a tax credit if you offer health insurance to your employees.
According to a recent postcard our office received from the IRS Notice 1397–If your small business or tax exempt organization pays employee health insurance premiums in 2010, you may be may be eligible to claim a new credit on your 2010 tax return. Employers with fewer than 25 employees (more if you have part-time employees) and less than $50,000 in average wages may be eligible.
Eligible small employers could qualify for a credit worth up to 35% of premiums paid in 2010 (for businesses) or 25% of premiums paid(for tax-exempt groups).
Find out if you are eligible by visiting www.irs.gov or consult your tax professional to learn more about whether your small business qualifies for this valuable incentive to provide health coverage for your employees.
Take care and be well!
For more information about affordable group health insurance options for your business contact Texas Health and Life at 1-800-371-2015
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