With the considerable news surrounding the implementation of, and challenges to, the Patient Protection and Affordable Care Act (PPACA), the small business tax credit has gotten lost in the shuffle.
The IRS has revamped a website aimed at helping small businesses determine whether they’re eligible for the credit and claim it. The credits, which are limited to employers with fewer than 25 full-time equivalents whose average salary is less than $50,000, are already available, and are set to increase in 2014. In addition to the credit, which may be carried forward if the business owes no tax, employers may still deduct the excess of the premiums over the credit as a business expense.
The website is here.