Have you grabbed every tax credit? 5-step checklist
Forget showers! Spring brought a deluge of new laws that impact businesses of all sizes. And many require some IRS paperwork to take advantage of them.
Here are explanations of and links to tax forms you need to ensure your business gets the most out of two key new laws.
Major New Law No. 1: The Patient Protection and Affordable Care Act
There’s enough in the new health reform law to make your head spin. And it will be years before your business feels all the effects of it.
But one of the most immediate changes is the small business health tax credit. It takes effect this year and is generally available to small employers that pay at least half the cost of single coverage for their employees in 2010 (helping mainly low-income workers). For tax years 2010 to 2013, the maximum credit is 35% of the premiums your company pays.
To take advantage: Download this step-by-step guide.
There’s also this list of frequently asked questions.
Major New Law No. 2: The Hiring Incentives to Restore Employment (HIRE) Act
If your company added anyone to the payroll after Feb. 3 of this year, your organization is eligible for an employment tax credit, courtesy of the HIRE Act.
But your company will have to get its hands on two forms to take advantage: one is new, one is updated.
First, download the new Form W-11.
The W-11 must be completed by all new employees to attest that they meet the criteria for the credit.
Once that’s done, your company should download a revised Form 941 to start claiming the credit for the second quarter of 2010.
There are FAQs for these changes too, which you can find right here.
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