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Member Advisory: Feb. 9, 2011

Wednesday, February 09, 2011   (0 Comments)
Posted by: Matt Gruhn
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MEMBERSHIP ADVISORY

MRAA Asks Dealers to Look for New Tax Breaks in Health Care

Tax season is here again, but this year brings opportunities that haven’t been available in the past. MRAA asks boat dealers to contact their tax professionals to look for new tax savings for small businesses.

Even though MRAA remains strongly opposed to the new Health Care Law, the newly enacted law does provide a tax credit for small businesses with fewer than 25 full-time employees and average wages of less than $50,000. According to the Health Care Law, these small businesses will be eligible for a tax credit on their 2010 returns of up to 35% of their health insurance costs.

Facing rising health care costs, the tax credit was included in the Patient Protection and Affordable Care Act to help the smallest businesses, the ones with the hardest time affording insurance, provide their employees with coverage without breaking the bank.

It is estimated that more than four million small businesses nationwide or about 83% are eligible to receive the tax credit for 2010 earnings. The problem is that few even know the tax credit exists.

MRAA encourages boat dealers to work with your tax professionals to verify your businesses are eligible and can take advantage of the tax credit.