Member Advisory: Feb. 9, 2011
Wednesday, February 9, 2011
Posted by: Matt Gruhn
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.
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.
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.
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.
encourages boat dealers to work with your tax professionals to verify your
businesses are eligible and can take advantage of the tax credit.