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Tracey's Tips
ARE YOU AWARE OF THE NEW TAX BENEFITS FOR SMALL BUSINESSES? There have been many changes to tax law that could benefit your tax return. Two changes especially are affecting many of our small business clients. HIRE ACT $1,000 BUSINESS CREDIT The HIRE act, passed in 2010, included a business credit which could affect your 2011 tax return. If you hired any employees February 3, 2010 through December 31, 2010 who were unemployed and filled out a W-11, you may qualify for a $1,000 business credit for each employee. Employees need to have been employed for 52 weeks consecutively and the credit will be equal to the lesser of $1,000 or 6.2% of the wages paid during that 52 week period. Please let Duane or Tracey know if you think you may qualify. HEALTH INSURANCE PREMIUMS CREDIT A new credit was enacted in 2009 that allowed for a benefit for paying employee health care premiums. If you pay for more than 50% of your employee’s health care premiums (not including shareholders and their families) then you may qualify for this credit which can be up to 35% of the premiums. Please let Duane or Tracey know if you think you may qualify. 7 Mistakes You Could Be Making On Your Business Tax Return A Tax Savings Checklist For Your Personal Tax Return |