Hi, I'm Chanel and I work for the Internal Revenue Service. Are you an employer with fewer than 25 employees? Get the credit you deserve, the Small Business Health Care Tax Credit. Whether you're a for-profit business or tax-exempt group, if you pay at least half the cost of premiums for single coverage health insurance for your employees, you may qualify. The credit has been around since tax year 2010, but some of the rules change for tax years beginning in 2014 or later. First, the maximum credit increases from 35% to 50% for small business employers and from 25% to 35% for small tax-exempt employers. Next, to claim the credit, generally employers must offer employees insurance purchased through the Small Business Health Options Program, known as the SHOP Marketplace. And finally, in 2014 and subsequent years, the credit is only available to eligible employers for two consecutive taxable years. Although the maximum credit amount changes, the definition of a small employer has not. Usually, a small employer for the purpose of the credit is an employer with fewer than 25 employees, and those employees must earn low-to-moderate wages. There are other special rules, for example, part-time employees generally count as one full-time employee. So, if you have more than 25 employees and some are not full-time, you may still qualify for the credit. If you're a small business, you'll claim the credit as part of the general business credit on your income tax return using Form 8941. If you have no tax due, you can carry the credit back or forward to other years. And since the credit will be less than the full amount of your premium payments, you may be eligible to claim a business expense deduction for the difference. That's both a credit and a deduction...
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Health coverage tax credit Form: What You Should Know
Form 8888, Health Coverage Tax Credit — IRS Health Coverage Tax Credit (CTC) — IRS Health insurance coverage, premium tax credit, and CTC — IRS Sep 12, 2024 — The health coverage tax credit was extended for all tax years beginning with 2001. Premium tax credit | Healthcare.gov If you had Marketplace coverage at any point during 2019, you'll use your Form 1095-A to reconcile your 2024 premium tax credits when you file your taxes. Form 1095-A, Health Insurance Marketplace Statement — Healthcare.gov If you have coverage that qualifies for the health insurance premium tax credit, you don't need to complete any additional tax forms. If you have Marketplace coverage, and you paid a tax penalty in 2017, you must file a return for the year in which you paid the penalty in order to get a refund. For more details, see What is the penalty? If you had Marketplace coverage in 2017, you'll use your Form 1095-A to reconcile your tax returns for 2024 and 2024 (and potentially other returns). You can use the Form 1095-A to reconcile your 2024 and 2024 tax returns using the same methodology described in the previous section. Use the 2024 Form 1095-A to reconcile your tax returns for 2024 and 2024 (and potentially other returns) using the same methodology described in the previous section. If you paid a tax penalty in 2017, you must file a claim for refund on Form W-2G within 60 days after you received notice of the penalty. If you failed to file a claim for refund as otherwise required by law, you can't use the 2024 Form 1095-A and any 2024 Form W-2G(s) to reconcile your 2024 (other) returns. You can use the 2024 Form 1095-A to reconcile your 2024 tax return if your return for 2024 is filed within 3 years from when you received all of your 2024 income taxes — for example, if your 2024 tax return is filed in January 2019, you can use the 2024 Form 1095-A to reconcile your taxes for 2016, 2017, 2018, and/or 2019. If your return is filed in later years, use the 2024 Form W-2G to reconcile your 2024 (other) return.
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