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Business Insurance Tax Credit


2015 Tax Extenders Summary

After months of uncertainty and speculation, it appears Congress has finally sufficiently collaborated to propose the “Tax Extenders” legislation in which a large number of expired tax provisions will be extended, some permanently.  Some tax credits that would be made permanent include the Child Tax Credit, the American Opportunity Tax Credit and the Earned Income Tax Credit

Of particular interest, it appears Section 179 will be permanently fixed at $500,000 of qualified assets for years in which taxpayers place in service up to $2,000,000 of assets.  For amounts above $2,000,000, the Section 179 deduction is reduced dollar for dollar until $2,500,000, at which time no asset additions are eligible.  Bonus depreciation is temporarily extended at 50% for 2015, 2016 and 2017, then stepped down to 40% in 2018 and 30% in 2019, after which time it is scheduled to be completely phased out.

To find out more information about the specifics of the legislation, here are some online resources:

If you have any questions about how these tax extenders may affect you or your business bottom line, please contact us at McRuer CPAs by calling 816.741.7882 or click here to connect with us online.


Health Costs and Tax Credits for Small Business

Small businesses are being reminded about the tax credit available for providing employees health care insurance.

To qualify a small business must:

  • cover at least 50% of the cost of single health care coverage for each employee.
  • have fewer than 25 full-time equivalent employees.
  • have average wages of less than $50,000 per year.

The tax credit applies for the years 2010 to 2013 and reaches up to 35% of the cost of providing health care insurance.  In 2014, the rate is scheduled to increase to 50% for small business employers.

A simple step-by-step guide can help you determine the amount of tax credit you may receive.

Tax credits reduce the total amount of tax you owe dollar-for-dollar. This health care tax credit can be applied backwards or forward to other tax years.

To download the step-by-step guide to figure the amount of tax credit you may qualify for, click on this link: Online Guide to Determine Health Care Insurance Tax Credit

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