UnderstandingHealthReform.com offers small business tax credit calculator
As tax season approaches, many small businesses (companies with 50 or fewer employees) will be evaluating their tax burden for 2010. Relief may be available for some owners thanks to the Affordable Care Act, which offers tax credits for qualified businesses offering employee health benefits.
Michigan business owners can use the Small Business Tax Credit Calculator on UnderstandingHealthReform.com to determine if their business is eligible for a tax credit. The tool walks users through a simple question-and-answer format and calculates both eligibility and the credit amount for eligible employers.
To qualify for the 2010 tax credit, small businesses must:
- Cover at least 50% of the premium cost for their employees’ health benefits
- Have fewer than 25 full-time equivalent employees
- Pay average annual wages below $50,000
The website — developed by Priority Health to help employers navigate health reform — includes a video tutorial on using the tax credit calculator as well as a list of information needed to complete the six-question calculation.
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