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Don’t Forget The Small Employer Health Care Credit

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November 18th, 2012

We tend to talk more about the tax costs of Obama Care and forget about some of the tax savings that are available.  One of those savings is for employers that cover part or all of their health insurance premium costs. 

This credit is allowed in full assuming less than 11 employees and average wages of $25,000.  It is fully phased out if you employ more than 25 employees or the average wage is greater than $50,000.  A 35% credit is available during years 2010-13.  For 2014-15, the credit can be up to 50%.

Many employers have not taken advantage of this credit since there is some paperwork involved.  However, if you pay a substantial amount of your employee’s health insurance premiums and you meet both two tests, it is worth the paperwork.  However, if your average wage exceeds about $45,000, it may not be worth all of the paperwork involved.

 Paul Neiffer, CPA

Paul Neiffer

Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a partner with CliftonLarsonAllen in Yakima, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. In fact, Paul drives combine each summer for his cousins and that is what he considers a vacation. Leave a comment for Paul. If you would like to leave a comment for Paul, follow the link above, however, please make sure to include your email address so that he can reply to your comment (your email address will not automatically show up).

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