2017 – 02/06 – Take small-business tax credits where credits are due

Two valuable tax credits are available for small businesses that provide certain employee benefits: 1) The Affordable Care Act (ACA) offers a credit to certain small employers that provide health coverage. But it may go away for 2018 because lawmakers are starting to take steps to repeal or replace the ACA. 2) Small employers that create a retirement plan may be eligible for a $500 credit. If you didn’t create a retirement plan in 2016, a SEP can be set up as late as the due date of your tax return, including extensions. Contact us for details on these credits.

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