Now that the Health Care and Education Affordability Reconciliation Act of
2010 (HR 4872) has passed into law, what does it mean for the millions of small
business owners across America? Well, the answer to that question really
depends on your current practices. It could be very good news or bad news. My
focus today will be on the "Good News".
If you are among the millions of small business owners who are currently
providing health insurance for your employees, then the news couldn't be any
better. Under HR 4872, you could now qualify for the small business tax credit
established by the Act to encourage small business owners to purchase group
health coverage for their workforce. Employers who contribute at least
50% of a still unspecified "benchmark premium" will be entitled to a tax credit
of up to 35% of the premiums. Tax credits are also available for small
non-profit organizations as well, however the amount of the credit is only 25%
of their premium contributions
To tell you more about the "Good News" click on this video from the IRS.
You Tube Video
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