ADVERTISEMENT

Veterinary practice owners may earn new tax break

Find out whether you qualify for the IRS' new Small Business Health Care Tax Credit.
source-image
Jun 11, 2010
By dvm360.com staff

Small businesses throughout the country are receiving postcards from the Internal Revenue Service (IRS) talking up a new tax credit to help employers pay for healthcare.

The Small Business Health Care Tax Credit could pay up to 35 percent of the healthcare premium costs you pay for employees. In 2014, that rate jumps to 50 percent.

To qualify, you must pay at least 50 percent of your employees' premiums. The credit phases out gradually for businesses with employees whose average wages are between $25,000 and $50,000 and for businesses with 10 to 25 full-time-equivalent workers.

To find out more, check with your accountant or tax preparer or visit the IRS online.