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IRS Extends Employer Provided Health Insurance Tax Credit And Offers Relief On New W-2 Requirements For Small Businesses

IRS Extends Employer Provided Health Insurance Tax Credit and Offers Relief On New W-2 Requirements for Small Businesses

The IRS has extended the tax credit for small businesses paying 50% or more of their employees’ health care premium. For 2012 & 2013, the IRS is offering a credit of 35% of the premiums paid by the employer. This credit is set to increase to 50% in 2014.

The IRS has also recently announced additional relief for employers that offer health insurance through a group plan. Employers that issue less than 250 W-2’s will not be required to report the premium costs on their employee’s W-2 for tax year 2012.

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PLEASE NOTE: As of late Aug 2018 there was a proposed law change that would disallow a double deduction for these charitable credits at the federal level for contributions made after Aug 2018. You are still eligible for the AZ state tax credits as the change would only impact your ability to take them as charity donations at the federal level.
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