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Kenneth Hesley
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Always a Question
Always a Question

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What Employers Need to Know About Claiming the Small Business Health Care Tax Credit

If you are a small employer with fewer than 25 full-time equivalent employees that earn an average wage of less than $50,000 a year and you pay at least half of employee health insurance premiums…then there is a tax credit that may put money in your pocket.
The Small Business Health Care Tax Credit is specifically targeted to help small businesses and tax-exempt organizations. The credit can enable small businesses and small tax-exempt organizations to offer health insurance coverage for the first time. It also helps those already offering health insurance coverage to maintain the coverage they already have.
Here is what small employers need to know so they don’t miss out on the credit for tax year 2011:
• Qualifying businesses calculate the small business health care credit on Form 8941, Credit for Small Employer Health Insurance Premiums, and claim it as part of the general business credit on Form 3800, General Business Credit, which they would include with their tax return.
• Tax-exempt organizations can use Form 8941 to calculate the credit and then claim the credit on Form 990-T, Exempt Organization Business Income Tax Return, Line 44f.
• Businesses that couldn’t use the credit in 2011 may be eligible to claim it in future years. Eligible small employers can claim the credit for 2010 through 2013 and for two additional years beginning in 2014.
For tax years 2010 to 2013, the maximum credit for eligible small business employers is 35 percent of premiums paid and for eligible tax-exempt employers the maximum credit is 25 percent of premiums paid. Beginning in 2014, the maximum credit will go up to 50 percent of qualifying premiums paid by eligible small business employers and 35 percent of qualifying premiums paid by eligible tax-exempt organizations.
Additional information about eligibility requirements and calculating the credit can be found on the Small Business Health Care Tax Credit for Small Employers page of IRS.gov

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FILING DEADLINES APPROACHING –
Federal Filing Deadlines for 2012

We all know that we have to meet certain deadlines for filing wage and income information to multiple entities. Yet every year these deadlines sneak up on us. Make sure you are aware of the deadlines. and that you can help them meet all their filing requirements. You can rest assured that EGP prepares the entire year to be ready to be ready to fulfill your orders when you need them.

W-2 & 1099 Forms DUE TO RECIPIENT
January 31, 2012

1099 Paper Forms DUE TO IRS
February 28, 2012

W-2 Paper Forms DUE TO IRS & SSA
February 29, 2012
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