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Small Business Health Care Tax Credit

For tax years 2010-2013 small employers may take a federal income tax credit of up to 35 percent of their contribution for health insurance premiums they pay for certain employees. The credit will be claimed on the annual tax return. Listed below are the criteria one must meet to be a “qualified employer”:

1.) Has fewer than 25 full-time employees
2.) The average annual wages of it’s employees is less than $50,000 per full-time employee
3.) The employer must pay the health insurance premium under a qualifying arrangement.

A qualifying arrangement is where the employer pays at least 50 percent of the cost of the premium. Premiums paid under a Sec 125 plan does not apply.

Follow the listed link to see what your potential credit could be:
http://www.irs.gov/pub/irs-utl/3_simple_steps.pdf

The Hire Act of 2010

Payroll Tax Exemption
This act provides that a qualified employer is allowed an exemption from having to pay its share of Social Security Taxes for a qualified individual’s employment from March 19, 2010 through December 31, 2010. This exemption does not apply to household employees’. A qualified employee is defined below:

1.) Begins employment after February 3, 2010 and before January 1, 2011.
2.) Certifies by signed affidavit under penalties of perjury that they have not been employed for more than 40 hours during the 60 day period ending on the date the employment with the qualified employer begins.
3.) The employee was not hired to replace another employee unless the other employee voluntarily quit or was fired with just cause.
4.) Is not related to the employer as stated above.

The IRS has issued a new form W-11 that employers may use to obtain a statement from an employee, confirming the employee’s unemployed status for purposes of the exemption and retention credit. The employee must sign the credit.

Special Notes!
Please keep in mind that employment must begin after February 3rd; however the exemption applies to wages paid to these workers after March 18th, 2010. Employers are not required to use form W-11 and may use a similar statement that provides the same information. Form W-11 is not provided to the IRS.

Follow the link to go directly to form W-11:
http://www.irs.gov/pub/irs-pdf/fw11.pdf

Business Credit for Retention of Certain Newly Hired Individuals in 2010
Employee’s that meet the qualifications for the Payroll Tax Exemption who are retained for 52 consecutive weeks may qualify the employer for a $1,000 credit per qualified employee on their 2011 income tax return. The amount of the credit is the lesser of the $1,000 or 6.2 percent of wages. This credit cannot be carried back, but may be carried forward!

State of Missouri Appliance Rebates

The State of Missouri will implement a mail-in rebate program to help residents replace older, inefficient appliances with new, ENERGY STAR® qualified appliances. Rebates are tentatively scheduled to be available starting in April 2010, to coincide with the statewide ENERGY STAR sales tax holiday, and will continue to be available until funding runs out. Residents must purchase the appliances at "participating" retail locations, and residents must also submit proof of recycling or haul away of the replaced appliances in order to receive the rebates.

Click HERE to see a list of eligible products

Click HERE for Illinois Rebate Program and list of eligible products

If we can be of any assistance please feel free to call us at 636-573-1212.