Small Business Health Care Tax Credit
Your business may be eligible for the Small Business Health Care Tax Credit. Enacted as an incentive for small businesses to provide health insurance coverage to their employees, the Patient Protection and Affordable Care Act includes a tax credit worth up to 35 percent of health care costs for tax years 2010 through 2013. On January 1, 2014 the rate will increase to a maximum 50 percent credit. Even if you did not owe any taxes, you can carry the credit back or forward to years you do owe. And if you qualify but forgot to claim the credit, you can still submit an amended claim. To see if you qualify, check the “3 Simple Steps” document on the IRS website.
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