Keith Gilabert, "What You Should Know about the Small Business Care Tax Credit for 2014"
by keithgilabert, Window Shopper
- Created: February 8, 2014, 10:02 am
For tax years 2010-2013 there is max credit of 35% of premiums paid and 25% for tax-exempt employees. For 2014 that credit increases to 50% of premiums and 35% premiums paid for tax-exempt employees. Even if you did not owe tax during the year, you can carry the credit back or forward to other tax years. Also, eligible small businesses can still claim a business expense deduction for the premiums in excess of the credit. That’s both a credit and a deduction for employee premium payments. Please consult your accountant about taking any expense deductions. If you have any comments please share. Take care, Keith
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