Deadline approaching for Small Business Health Care Tax CreditThe extension deadline is fast approaching for small businesses to file for the new Small Business Health Care Tax Credit.
By: News Tribune staff, Duluth News Tribune
The extension deadline is fast approaching for small businesses to file for the new Small Business Health Care Tax Credit.
Sept. 15 is the deadline for corporations; Oct. 17 is the deadline for sole proprietors and S-corporation shareholders.
The credit was included in the Affordable Care Act enacted last year.
Small employers that pay at least half of the premiums for employee health insurance coverage may be eligible for the credit, which can be up to 35 percent of expenses. The credit is targeted to help small businesses and tax-exempt organizations that employ up to 25 workers earning $50,000 or less.
Government officials are encouraging small employers to review the new Small Business Health Care Tax Credit requirement to see whether they are eligible.
“Small businesses that offer health insurance should learn about this credit and claim it if they are eligible,” IRS Commissioner Doug Shulman said in a statement.
For more information, see the Small Business Health Care Tax Credit for Small Employers page of irs.gov.