Tax Credit, Is it worth your time?

Tax Creidt Calculator for Small Business

We have obtained a chart from the Congressional Research Service Report “Summary of Small Business Health Insurance Tax Credit under PPACA” dated April 5th 2010 that estimates the percentage of a tax credit you may receive through Obamacare. This chart summarizes worksheets 5 through 7 of the Instruction for Form 8941.

There is a reduction in the percentage of premiums you will receive as a tax credit if you are over 10 employee’s or have average annual wages more than $25,000. You will not receive the full 35% tax credit.

You should be able to take a quick glance to determine if you want to do the paperwork to find out exactly how much is available as a credit for you small business.

The IRS calculates the time required to figure out this tax credit as:

  • Record Keeping – 12 hours 46 Minutes
  • Learning about the law – 1 hour 23 minutes
  • Preparing and Sending the form – 2 hours 48 minutes

Based upon this chart, we still think several of our clients will be able to claim a respectable portion of this available tax credit. By no means do we think everyone will be able to claim this Tax Credit.

If you think it is worth your time to apply for this Tax Credit you should read this 6 blog series (click on picture below) to obtain more information

Tax Credit to Subsidize Health Insurance

6 blog post link about Health Insurance Tax Credit

Tax Credit Employee Size and Wage Calculator 2010-2013

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Small Business Health Insurance Tax Credit Calculator 2010-2013

Tax Credit Employee Size and Wage Calculator 2014

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Small Business Tax Credit Calculator for 2014 and beyond

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About David Brown

David Brown is a California Benefits Broker, who specializes in providing small businesses with the savings that only large companies usually get.

If you feel David could help your California business with employee benefits, health insurance, and healthcare reform issues, you can contact him directly below:

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