Two tax filing deadlines are approaching for small businesses to claim the Small Business Health Care Tax Credit: September 15 for corporations that requested an extension to file and October 17 for sole proprietors who file Form 1040 and partners and S-corporation shareholders who also requested an extension to file.
"As the filing deadlines approach, we want to make sure that small business owners don't leave any money on the table,” said IRS Commissioner Doug Shulman in a press release. “Small businesses that offer health insurance should learn about this credit and claim it if they are eligible."
The small business health care tax credit was included in the Affordable Care Act enacted last year. Small employers that pay at least half of the premiums for employee health insurance coverage under a qualifying arrangement may be eligible. The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ 25 or fewer workers with average income of $50,000 or less.
Additional information about eligibility requirements and calculating the credit can be found on the Small Business Health Care Tax Credit for Small Employers page of IRS.gov.
