The Internal Revenue Service said small Utah employers who provide health insurance coverage to their workers should familiarize themselves with the small business health care tax credit and claim it if they qualify.
The recently revamped "Small Business Health Care Tax Credit" page at www.irs.gov offers information and resources designed to help small employers determine if they qualify for the credit and then calculate it correctly.
Along with a step-by-step guide for determining eligibility, the Web page also offers examples of typical tax savings under different scenarios, answers to frequently asked questions, a YouTube video and a webinar.
The tax credit was part of the Affordable Care Act enacted two years ago. Small employers who pay at least half of the premiums for employee health insurance coverage under a qualifying arrangement may be eligible for the credit. It is specifically targeted to help small businesses and tax-exempt organizations provide health insurance for their employees.
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