My OperaMiami CPA’S Point Out Small Employers Can Benefit from Health Care Tax Credit
Saturday, March 31, 2012 10:17:26 PM
With tax-filing deadlines fast approaching for many small businesses, the CPA Firm VieraCPA today encouraged small employers that offer health insurance coverage to their employees to consider the small business health care tax credit and then claim it if they qualify. (You can also check out our CPA Firms website on an overview of the duty credit at.
The new Small company Health Care Tax Credit page over the Miami Accounting VieraCPA web site has information and resources to help small employers see once they qualify for the credit and calculate it correctly (recommended consulting a Miami CPA's. The Miami CPAS website contains a step-by-step guide for pinpointing eligibility, examples of standard tax savings under several scenarios, answers to frequently-asked queries.
The small business healthcare tax credit was included in the Affordable Care Act enacted eighteen months ago. CPA Firm VieraCPA advise 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 specific for help small businesses together with tax-exempt organizations provide health care insurance for their employees, claimed CPA Firms VieraCPA.
Depending upon how they are arranged, eligible small employers tend subject to among the list of following three tax-filing deadlines, which fall in coming weeks consistent with Miami Accounting and Miami Accounting VieraCPA.
· March 15: Corporations that file on a calendar year basis can have their Miami CPAS amount the credit on Form 8941 and claim it contained in the general business credit on Form 3800, both which are attached to their corporate 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 individuals who business income reported for them on Schedules K-1-partners in partnerships, S corporation shareholders and beneficiaries of estates and trusts according to CPA Firm VieraCPA. They also attach Forms 8941 and 3800 to their return. The resulting consumer credit is entered on Mode 1040 Line 53.
· May 15: Tax-exempt organizations that file on the calendar year basis can use Form 8941 and in that case claim the credit on Form 990-T, Line 44f.
· Taxpayers and CPA Firms needing more hours to determine eligibility should look into obtaining an automatic tax-filing extension, usually for six a long time. See Form 4868 for individuals, Form 7004 and its instructions for businesses together with Form 8868 for tax-exempt agencies.
Miami Accounting and CPA Firms which happen to have already filed and later find that they qualified in 2010 or even 2011 can still claim the credit by declaring an amended return for one or both years. Businesses use Form 1120X, individual’s employ Form 1040X and tax-exempt agencies use Form 990-T.
Some businesses and tax-exempt organizations that already locked into medical insurance plan structures and contributions may well not have had the possibility to make any needed adjustments to be eligible for a the credit for 2010 or 2011. These employers can still make the essential changes to their insurance coverage plans so they are eligible to claim the consumer credit on 2012 returns or in years beyond. Eligible small employers can claim the credit in 2010 through 2013 and for two additional years beginning in 2014.
Additional information about eligibility prerequisites and figuring the credit can be found at www. vieracpa. com
Miami CPA's.
The new Small company Health Care Tax Credit page over the Miami Accounting VieraCPA web site has information and resources to help small employers see once they qualify for the credit and calculate it correctly (recommended consulting a Miami CPA's. The Miami CPAS website contains a step-by-step guide for pinpointing eligibility, examples of standard tax savings under several scenarios, answers to frequently-asked queries.
The small business healthcare tax credit was included in the Affordable Care Act enacted eighteen months ago. CPA Firm VieraCPA advise 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 specific for help small businesses together with tax-exempt organizations provide health care insurance for their employees, claimed CPA Firms VieraCPA.
Depending upon how they are arranged, eligible small employers tend subject to among the list of following three tax-filing deadlines, which fall in coming weeks consistent with Miami Accounting and Miami Accounting VieraCPA.
· March 15: Corporations that file on a calendar year basis can have their Miami CPAS amount the credit on Form 8941 and claim it contained in the general business credit on Form 3800, both which are attached to their corporate 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 individuals who business income reported for them on Schedules K-1-partners in partnerships, S corporation shareholders and beneficiaries of estates and trusts according to CPA Firm VieraCPA. They also attach Forms 8941 and 3800 to their return. The resulting consumer credit is entered on Mode 1040 Line 53.
· May 15: Tax-exempt organizations that file on the calendar year basis can use Form 8941 and in that case claim the credit on Form 990-T, Line 44f.
· Taxpayers and CPA Firms needing more hours to determine eligibility should look into obtaining an automatic tax-filing extension, usually for six a long time. See Form 4868 for individuals, Form 7004 and its instructions for businesses together with Form 8868 for tax-exempt agencies.
Miami Accounting and CPA Firms which happen to have already filed and later find that they qualified in 2010 or even 2011 can still claim the credit by declaring an amended return for one or both years. Businesses use Form 1120X, individual’s employ Form 1040X and tax-exempt agencies use Form 990-T.
Some businesses and tax-exempt organizations that already locked into medical insurance plan structures and contributions may well not have had the possibility to make any needed adjustments to be eligible for a the credit for 2010 or 2011. These employers can still make the essential changes to their insurance coverage plans so they are eligible to claim the consumer credit on 2012 returns or in years beyond. Eligible small employers can claim the credit in 2010 through 2013 and for two additional years beginning in 2014.
Additional information about eligibility prerequisites and figuring the credit can be found at www. vieracpa. com
Miami CPA's.
