
Understanding Changes To The Small Business Health Care Tax Credit
Preparing Your Small Business For Tax Season With tax season just around the corner, small business owners must consider whether or not they will be taking advantage of the small business health care tax credit. New changes surrounding the small business health care tax credit mean that you simply cannot sign off on the paperwork from last year. To ensure that you are in complete understanding of your responsibility in regards to this tax credit, allow the following informational points to guide you: Starting in 2014 and continuing to following years, the maximum tax credit increases to 50 percent of paid premiums for small business employers. However, the maximum tax credit increases to 35 percent of paid premiums for small tax-exempt employers. In order to be eligible for the small business health care tax credit, you must pay premiums on behalf of your team that has enrolled in a qualified