Relevant

By Timothy M. Dilley, CPA

The Patient Protection and Affordable Care Act passed in March of 2010 allows qualifying small businesses to claim a tax credit for the cost of health, dental and vision insurance premiums it pays for its employees.  The credit is designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage they already have.  The maximum credit is 35% of premiums paid in 2010 by eligible small business employers and 25% of premiums paid by eligible employers that are tax-exempt organizations.  The credit is generally available to employers that have fewer than 25 full-time equivalent employees paying wages averaging less than $50,000 per employee per year.   The credit is a general business credit for eligible small businesses, but may be used to offset alternative minimum tax (AMT) as well.  Call Tim @ 663-1661 to learn how he can assist you.