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IRS Forms 8941 + 3800 Calculating + Claiming Small Business Health Care Tax Credit

For tax years 2010 to 2013, the maximum credit for eligible small business employers under the Small Business Health Care Tax Credit is 35 percent of premiums paid and for eligible tax-exempt employers the maximum credit is 25 percent of

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Posted in Health Care Tax Credit, Health Insurance, Self Employ, Small Business, Tax Credit

First Time Home Buyer Credit Repayment Tool

The First Time Home Buyer Credit (FTHBC) Account Look-up tool is now up and running on the IRS website. This tool provides information that helps taxpayers accurately report their FTHBC repayment obligations on their federal tax return. To access this

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Posted in Tax Credit

IRS Form 8941 Small Business Health Care Tax Credit

Check out IRS Form 8941, Credit for Small Employer Health Insurance Premiums (PDF) if you are interested in the small business health care tax credit. Many small employers that pay at least half of the premiums for employee health insurance

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Posted in Health Care Tax Credit, Self Employ, Small Business, Sub-chapter S, Tax Credit

First Time Home Buyer Credit

Many taxpayers who claimed the first time home buyer's credit are having their tax returns examined by the IRS. Turns out generally that this credit is not being properly reported. Even tax practitioners are demonstrating incompetence when it comes to

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Posted in Tax Credit

Small Employer Health Insurance Credit 2011 – IRS Form 8941

The small employer health insurance credit is applied for on IRS Form 8941.  The credit itself is based on the non-shareholder staff, their hours worked, wages and the premiums paid for them. The hours worked, wages and health insurance premiums

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Posted in Health Insurance, Self Employ, Small Business, Tax Credit

Small Business Health Insurance Credits-Patient Protection-Affordable Care Act 2010

The Tax Credit for Employee Health Insurance Expenses of Small Employers is part of the Patient Protection and Affordable Care Act which was signed into law in March of 2010.  The Act makes a credit available to small employers who

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Posted in Business Expense, Disallowed Expenses, Health Care Tax Credit, Health Insurance, Self Employ, Small Business, Sub-chapter S, Tax Credit, Tax Deductible Expenses, Tax Relief

Adoption Tax Credits including Tax Credit Carry Forwards are now FULLY REFUNDABLE in tax year 2010 According to IRS Notice 2010-66

According to Marilyn E. Brookens, an attorney in the IRS Office of Associate Chief Counsel (Income Tax and Accounting), “Effective for the 2010 tax year, the adoption tax credit is a FULLY REFUNDABLE TAX CREDIT.  The credit was made refundable

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Posted in Tax Credit

Limitations on tax credit or refund claim

TITLE 26 > Subtitle F > CHAPTER 66 > Subchapter B > § 6511 - Feb 01, 2010 (a) Period of limitation on filing claim Claim for credit or refund of an overpayment of any tax imposed by this title in

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Posted in Amended Tax Return, Appeals & Audit Resolution, Refundable Tax Credit, Tax Credit, Tax Refund, Tax Relief

Summertime Child Care Expenses May Qualify for a Tax Credit

Did you know that your summer day care expenses may qualify for an income tax credit? Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school

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Posted in Child Tax, Children, Dependent, Family, Self Employ, Small Business, Tax Credit, Tax Problems & Requests, Tax Relief, Taxable Income

Golf Carts and Qualified Electric Vehicle Tax Credit

Does a Club Car Carryall Villager LSV Crown CR-225, which looks like a fancy golf cart, qualify for the electric vehicle tax credit if it has a windshield and roof? The tax payers use the cart to drive around in

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Posted in Qualified Electric Vehicle, Tax Credit, Tax Guidance & Preparation
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