My OperaMiami CPA’S Point Out Small Employers Can Benefit from Health Care Tax Credit
Saturday, March 31, 2012 10:22:20 PM
With tax-filing deadlines fast approaching for some small businesses, the CPA Firm VieraCPA today encouraged small employers that provide health insurance coverage to their employees to check out the small business healthcare tax credit and then claim it if they qualify. (You can also check out our CPA Firms website on an overview of the tax credit at.
The new Small business Health Care Tax Credit page to the Miami Accounting VieraCPA internet site has information and resources to help small employers see if they qualify for the credit and then calculate it correctly (preferred consulting a Miami CPA's. The Miami CPAS website includes a step-by-step guide for determining eligibility, examples of standard tax savings under several scenarios, answers to frequently-asked questions.
The small business healthcare tax credit was in the Affordable Care Act enacted two years ago. CPA Firm VieraCPA suggest Small employers that pay at least half of the premiums for employee medical insurance coverage under a qualifying arrangement may qualify for this credit. The credit is specifically targeted to help small businesses and tax-exempt organizations provide health insurance for their employees, claimed CPA Firms VieraCPA.
Depending upon how they are a certain number of, eligible small employers tend subject to one of the following three tax-filing deadlines, which fall in coming weeks consistent with Miami Accounting and Miami CPAS VieraCPA.
· March 15: Corporations that file for a calendar year basis may have their Miami CPAS amount the credit on Form 8941 and claim it contained in the general business credit with Form 3800, both which are attached to their corporate income tax return.
· April 17: Individuals have until April 17 to finish and file their dividends on Form 1040. This consists of Sole proprietors, as well as people who have business income reported for many years on Schedules K-1-partners within partnerships, S corporation shareholders together with beneficiaries of estates and trusts consistent with CPA Firm VieraCPA. They also attach Forms 8941 and 3800 to their return. The resulting consumer credit is entered on Form 1040 Line 53.
· May 15: Tax-exempt organizations that file for a calendar year basis can use Form 8941 and then claim the credit on Form 990-T, Line 44f.
· Taxpayers and CPA Firms needing more hours to determine eligibility should consider obtaining an automatic tax-filing extension, usually for six months. See Form 4868 for individuals, Form 7004 and its instructions for businesses and Form 8868 for tax-exempt agencies.
Miami Accounting and CPA Firms that have already filed and later discover that they qualified in 2010 and also 2011 can still claim the credit by filing an amended return for just one or both years. Corporations use Form 1120X, individual’s employ Form 1040X and tax-exempt agencies use Form 990-T.
Some businesses and tax-exempt agencies that already locked into health insurance plan structures and contributions would possibly not have had the opportunity to make any needed adjustments to be eligible for a the credit for 2010 and 2011. These employers can still make the essential changes to their medical insurance plans so they measure up to claim the credit on 2012 returns and in years beyond. Eligible small employers can claim the credit for 2010 through 2013 and for just two additional years beginning in 2014.
Additional information about eligibility requirements and figuring the credit can be found at www. vieracpa. com
Miami CPAS.
The new Small business Health Care Tax Credit page to the Miami Accounting VieraCPA internet site has information and resources to help small employers see if they qualify for the credit and then calculate it correctly (preferred consulting a Miami CPA's. The Miami CPAS website includes a step-by-step guide for determining eligibility, examples of standard tax savings under several scenarios, answers to frequently-asked questions.
The small business healthcare tax credit was in the Affordable Care Act enacted two years ago. CPA Firm VieraCPA suggest Small employers that pay at least half of the premiums for employee medical insurance coverage under a qualifying arrangement may qualify for this credit. The credit is specifically targeted to help small businesses and tax-exempt organizations provide health insurance for their employees, claimed CPA Firms VieraCPA.
Depending upon how they are a certain number of, eligible small employers tend subject to one of the following three tax-filing deadlines, which fall in coming weeks consistent with Miami Accounting and Miami CPAS VieraCPA.
· March 15: Corporations that file for a calendar year basis may have their Miami CPAS amount the credit on Form 8941 and claim it contained in the general business credit with Form 3800, both which are attached to their corporate income tax return.
· April 17: Individuals have until April 17 to finish and file their dividends on Form 1040. This consists of Sole proprietors, as well as people who have business income reported for many years on Schedules K-1-partners within partnerships, S corporation shareholders together with beneficiaries of estates and trusts consistent with CPA Firm VieraCPA. They also attach Forms 8941 and 3800 to their return. The resulting consumer credit is entered on Form 1040 Line 53.
· May 15: Tax-exempt organizations that file for a calendar year basis can use Form 8941 and then claim the credit on Form 990-T, Line 44f.
· Taxpayers and CPA Firms needing more hours to determine eligibility should consider obtaining an automatic tax-filing extension, usually for six months. See Form 4868 for individuals, Form 7004 and its instructions for businesses and Form 8868 for tax-exempt agencies.
Miami Accounting and CPA Firms that have already filed and later discover that they qualified in 2010 and also 2011 can still claim the credit by filing an amended return for just one or both years. Corporations use Form 1120X, individual’s employ Form 1040X and tax-exempt agencies use Form 990-T.
Some businesses and tax-exempt agencies that already locked into health insurance plan structures and contributions would possibly not have had the opportunity to make any needed adjustments to be eligible for a the credit for 2010 and 2011. These employers can still make the essential changes to their medical insurance plans so they measure up to claim the credit on 2012 returns and in years beyond. Eligible small employers can claim the credit for 2010 through 2013 and for just two additional years beginning in 2014.
Additional information about eligibility requirements and figuring the credit can be found at www. vieracpa. com
Miami CPAS.
