The calculator, not an estimator as are most on the web today, computes specific, complete, and actual numerical data needed for qualifying small businesses to use in filing tax returns to take advantage of the Small Business Tax Credit (SBTC) created by the Health Care Reform legislation's Patient Protection and Affordable Care Act.
"Contrary to many rumors circulating amongst accountants and tax preparers, most small businesses do in fact qualify for substantial tax credits," affirms
"The calculations are so complex that people without in-depth knowledge of health insurance and health benefits don't understand how they qualify based on the initial explanations of the credit by the
The 100% guaranteed calculations are computed through detailed algorithms based on multiple variables per employee, comparison of hours, days or weeks worked to calculate optimal FTE count and average wages to receive the maximum tax credit. As per the most recent clarifications provided by the
"Our research indicates that most tax professionals are still under the total misconception that their accounting software does this calculation for them," adds Morrison. "While currently released accounting software does contain the Form 8941 and data entry sheets, absolutely nothing is provided in the accounting software to actually calculate the data that must be entered (FTE counts using hours/days/weeks, individual comparison of state average premium percentage, multi-state employees, etc.) to produce a clients maximum tax credit. We've seen the tax credit go from zero to over
The calculator can be used by individual small business owners or multi-client professionals as it offers a defaulted excel template for Multi-Licensees for ease in communications and data completion for tax professionals with small business clients eligible for the Small Business Health Care Tax Credit.
Tax Credits, LLC™, based in
Media Note: Mr. Morrison is readily available for interviews and commentary at this critical time in tax preparation season. Contact [email protected] to arrange.