Tax Benefits in New Law

There are a number of tax benefits available to small business that many people are not aware of. The tax benefits listed below may offer very significant tax savings. It is especially useful to seasonal businesses. Both profit and non-profit organizations can take advantage of these benefits. We have seen businesses save upwards of $60,000 or more. You can file amended payroll tax returns, if necessary, to take advantage of some of these benefits. Many payroll companies have failed to notify companies of this potential tax benefit.1. Payroll tax holiday:For 2010 you may be entitled to exclude the entire employers portion of the FICA taxes on new employees hired after February 3, 2010 through December 31, 2010 provided such workers certify that they were unemployed for at least 60 days prior to being hired. You can amend your payroll tax returns to take advantage of the deduction and receive a refund.2. Hire Credit:For those employees hired after February 3, 2010 that were unemployed for at least 60 days prior to being hired, there is also a tax credit up to $1,000 per employee which can be claimed on the business tax return or non-profit tax return. To claim the credit the newly hired employee must work for at least 52 consecutive weeks.3. Health Insurance Credit:You may be entitled to claim a credit against your taxes for up to 35% of your health insurance premiums paid.We would be happy to give you additional information on the above tax benefits to see if they would apply to you.

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