MRAA: Look for health care tax breaks
BOCA GRANDE, Fla. — The new health care law brings with it tax opportunities that haven’t been available in the past, the Marine Retailers Association of America notes in a recent dealer alert. As a result, the group suggests boat dealers contact their tax professionals to look for new 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,” the alert reads. “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.”
The tax credit was included in the Patient Protection and Affordable Care Act to help small businesses provide their employees with coverage without breaking the bank.
It is estimated that more than four million small businesses nationwide, or about 83 percent, are eligible to receive the tax credit for 2010 earnings; however, many don’t know the tax credit exists. MRAA encourages boat dealers to work with their tax professionals to verify their businesses are eligible and can take advantage of the tax credit.
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