The Small Business Health Care Tax Credit, part of the Patient Protection and Affordable Care Act of 2010, is now available to California small business and tax-exempt employers that provide health care coverage to their employees.
For the 2011 filing season, the Internal Revenue Service (IRS) is allowing a tax credit up to 35 percent of the health insurance premium costs that a small business incurred for insuring its employees. This will increase to 50 percent in 2014.
More than 600,000 California businesses may be eligible for this tax credit. Yours may be one of them. For more information, visit the IRS website at www.irs.gov/sbhtc or consult with your tax preparer.
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