Key Facts about the Health Care TAX CREDITS for Small Business

Morning Fun People !

Well my cold is much better today, I can only figure that its because I have been talking about Health Care  :)

Before I start I do encourage you to go to the Family Business Chamber of Commerce website at  www.familybusinesscc.com    Tomorrow Ill blog about that but for now let me cover some of the key facts about the Tax Credits for Small Business.   

1) The small business tax credit became effective on January 1, 2010 so it is retroactive. 

2) The tax credit can cover up to 35% of the premiums a small business pays to cover its employees

3) In 2014 the tax credit will increase to 50%

4) both small for-profit businesses and small not-for-profit organizations are elligible

5) Small businesses that currently provide health care for their employees and, small businesses that initiate coverage this year can receive the tax credit.

6) The credit is available to small employers that pay at least 50% of the cost of single coverage for their employees in 2010.

7) For the period 2010-2013, small emplyers with fewer than 25 full time equivilant emplees (FTEs… remember my past blog post that tells you how to figure that number out ) and average wages less than $50,000/year are eligible for a federal “general business” tax credit for the amount spent on health insurance for their employees — up to 35%

8) Employers with no more than 10 full-time equivalent employees (FTEs) and annual average wages of $25,000 or less will be eligible for the full 35% tax credit.

The IRS is to be mailing postcards to small business owners to make them aware of the small business health care tax credit.  Not sure when that will come about as I have not gotten one yet.

Anyway, tomorrow Ill talk about why the Family Business Chamber of Commerce is something that you should seriously take a look at and join today.

Tell then… Have a Great day and a Profitable Week

Remember…. Together We Have the Power of Family

Rich