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Tags: health care, health insurance, obamacare, President Barack Obama, HR Allen Consulting Services, HR Informant
As the March 15 corporate tax filing deadline approaches, the California Chamber of Commerce is reminding small businesses to take advantage of the small business health care tax credit. The tax credit is part of the federal 2010 Affordable Care Act.
The credit is worth up to 35 percent of a small business's premium costs (25 percent for tax-exempt employers). In 2014, this rate increases to 50 percent (35 percent for tax-exempt employers).
California small businesses can review the Internal Revenue Service (IRS) guidelines to determine eligibility for the tax credit on the new business-oriented website,www.healthlawguideforbusiness.org. The website offers a “tax credit calculator” that helps employers estimate savings available under the law.
Qualifying for the Credit
To qualify, an employer must have fewer than the equivalent of 25 full-time workers (for example, an employer with fewer than 50 half-time workers may be eligible). A qualifying employer also must pay average annual wages below $50,000.
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Tags: tax credit, health insurance, Small business, small business heath care tax credit, small employers, Employers, health care reform
| IRS Issues Updated W-2 Reporting FAQs and Chart |
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Tags: health insurance, IRS, Health Cost, Insurance Cost, IRS Reporting
Offering comprehensive benefits to employees can help you attract, hire, and retain the best workers. Yet many small-business owners believe that health care insurance is a luxury they can’t afford. The good news: Thanks to new incentives, tax credits, industry reform, and nontraditional plans, health care insurance may be within reach.
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Tags: health care, health insurance, Benefits, small business health care tax credit, Health Reimbursement Account, HRA