E-Alert
May 27 , 2010
Small Business Health Care Tax Credit
Do you have less than 25 employees?
Do you cover at least 50% of the cost of health care coverage for some of your workers?
Do you pay an average annual wage below $50,000?
If you answered "yes" to the questions posed above, you may be eligible to claim a new credit on your 2010 tax return. The credit is worth up to 35% of a small business's 2010 premium costs. On January 1, 2014, this rate increases to 50%. The credit phases out gradually for companies with average wages between $2,500 and $50,000 and for companies with the equivalent of between 10 and 25 full-time workers. The credit is available to tax-exempt organizations, though special rules apply.
If you have any questions regarding the information in this article, or have any other issues you would like to discuss, please feel free to contact the DZH Phillips tax department at 415.781.2500 or email cpas@dzhphillips.com.
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DZH Phillips LLP is one of the leading public accounting and strategic consulting firms in the San Francisco Bay Area. We provide the long-term relationships, industry expertise, and consistently high-quality service our clients need to make the right decisions today and in the future.
To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained herein (including any enclosures or attachments) was not intended or written to be used, and cannot be used, by the taxpayer for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code or applicable state or local law provisions.
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