Some small businesses can still benefit from the health care coverage credit

Tax credits reduce tax liability dollar-for-dollar. So, they can be more valuable than deductions, which reduce only the amount of income subject to tax. One tax credit that hasn’t been getting much attention lately but that can still be valuable for certain small businesses is the credit for providing health insurance to employees. Although it’s been available for more than a decade and generally can be claimed for only two years, some small businesses may still be eligible. These may include newer businesses as well as older ones that only recently have begun offering health insurance. The credit can equal as much as 50% of health coverage premiums paid. Contact us to learn more.