WASHINGTON — Employers that provide health insurance coverage to their employees are advised by the Internal Revenue Service to check out the small business health care tax credit and then claim it if they qualify. A step-by-step guide for determining eligibility, www.irs.gov/newsroom, provides examples of typical tax savings under various scenarios, answers to frequently-asked questions, a YouTube video and a webinar.
The small business health care tax credit was included in the Affordable Care Act enacted two years ago. Small employers that pay at least half of the premiums for employee health insurance coverage under a qualifying arrangement may be eligible for this credit. The credit is specifically targeted to help small businesses and tax-exempt organizations provide health insurance for their employees.
Additional information about eligibility requirements and figuring the credit can be found on IRS.gov.