Miami CPA’S Point Out Small Employers Can Benefit from Health Care Tax Credit

With tax-filing deadlines fast approaching for some small businesses, the CPA Firm VieraCPA now encouraged small employers that provide health insurance coverage to their employees to check out the small business health care tax credit and then claim it if they qualify. (You may also check out our CPA Firms website for an overview of the overtax credit at.

The new Small business Health Care Tax Credit page over the Miami Accounting VieraCPA internet site has information and resources to help small employers see if they qualify for the credit and calculate it correctly (suggested consulting a Miami CPA’s. The Miami CPAS website carries a step-by-step guide for figuring out eligibility, examples of typical tax savings under several scenarios, answers to frequently-asked queries.

The small business healthcare tax credit was in the Affordable Care Act enacted eighteen months ago. CPA Firm VieraCPA advise Small employers that pay at the least half of the premiums for employee medical insurance coverage under a qualifying arrangement may be eligible for this credit. The credit is specifically specific for help small businesses together with tax-exempt organizations provide health insurance for their employees, claimed CPA Firms VieraCPA.

Above how they are arranged, eligible small employers tend subject to one of many following three tax-filing deadlines, which fall in coming weeks as per Miami Accounting and Miami Accounting VieraCPA.

· March 15: Corporations that file for a calendar year basis can have their Miami CPAS figure the credit on Form 8941 and claim it as part of the general business credit with Form 3800, both which are attached to their corporate tax return.
· April 17: Individuals have until April 17 in order to complete and file their returns on Form 1040. This includes Sole proprietors, as well as people who have business income reported for them on Schedules K-1-partners with partnerships, S corporation shareholders together with beneficiaries of estates and trusts according to CPA Firm VieraCPA. Additionally attach Forms 8941 and 3800 on their return. The resulting credit ratings is entered on Mode 1040 Line 53.
· May 15: Tax-exempt organizations that file for a calendar year basis may 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 few months. See Form 4868 for individuals, Form 7004 and it’s 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 maintain the credit by declaring an amended return for starterst or both years. Corporations use Form 1120X, individual’s make use of Form 1040X and tax-exempt agencies use Form 990-T.

Some businesses and tax-exempt organizations that already locked into health insurance plan structures and contributions may not have had the possibility to make any needed adjustments to be eligible for a the credit for 2010 or even 2011. These employers can still make the necessary changes to their health insurance plans so they measure up 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 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.