New York – Sen. Charles Schumer says more than 300,000 small businesses in New York are eligible for a new, little-known tax credit.
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The federal tax credit is for small businesses that offer health insurance to employees. It’s part of the Affordable Care Act and can be worth up to $25,000.
Schumer told the nation’s biggest tax preparers on Wednesday to alert their small business clients about the credit.
The Democrat says a business group’s national survey found almost half of eligible business owners didn’t know about it.
More than 80 percent of New York’s businesses with fewer than 25 employees are eligible for the Small Business Health Care Tax Credit, which helps pay the cost of providing employee health coverage.
no wonder business owners don’t know about it. there are hundreds of tax credit and it’s virtually imposible for a human being to keep track of all of them. many times i’ve proved that it doesn’t even pay the time and money spent on doing research if i’m eligible for those credits.
we need to simplify the tax code, as President Obama said yesterday in his state of the union address.
So This is such a Kleigeh Kup so let’s do the math…
say a small business has 4 employee’s and provides Health insurance at a cost of about $ 7,000 per year = total cost is $28,000 so even with the credit in this example the employer loses $3,000. and if the company has 10 or more that loss is greater!
No wonder the democrats have racked up so much deficits… in there book getting the $25,000 credit is worth losing money!!