Small Business Health Care Tax Credit

If you employ less than 25 employees, pay an average wage of less than $50,000 and pay at least half of your employee health insurance premiums then you can qualify for the Small Business Health Care Tax Credit.  Just realize that starting in 2014 you must purchase your employee health insurance through a Small Business Health Options program (SHOP) to qualify.  

Here in Oregon you will go to www.coveroregon.com to purchase your coverage.  Enrollment for 2014 closes March 31st so be sure to make changes soon so you don't miss out.

New Healthcare Tax Credit Facts

David and I spent all day in class learning about the new healthcare laws and credits.  One of the most important things everyone needs to know- to qualify for the Healthcare Credits you must have purchased your health insurance through an exchange.  Luckily here in Oregon we have our own marketplace so who cares if the Federal website works or not.  Just go to www.coveroregon.com to see if you qualify for the tax credit.

Qualification is based on the number of people in your household and total household income.  If you do qualify just choose the insurance you want and purchase it right from the website.  It's easy and the Oregon website didn't cost $125 million to build.  We are so lucky to live here in this great state.  You can choose to get the credit each month, paid directly to your insurance provider, or get it as a credit against your taxes when you file your 1040.  

Offers in Compromise for Free

Did you know that you may be able to settle your debt with the IRS for less than you owe?  Don't spend more money hiring one of those big companies who say they can do it for you but cost thousands of dollars.  Simply go to the IRS website, www.IRS.gov and use the Offers in Compromise pre-qualifier tool.  It asks you a series of questions and then tells you if you qualify for an offer based on your financial information, all for free.  If you do qualify it will then allow you to proceed with the Offer application.

 

On the main page of the website just click on the word "Tools" and it will take you to a list of handy helpful tools that include the Offer in a Compromise pre-qualifier Tool.