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400 East Main Street
Aspen, CO 81611

Carbondale Office
0326 Hwy 133, Suite 200
Carbondale, CO 81623



TAKE ADVANTAGE OF NEW TAX CREDITS
NOW AVAILABLE TO SMALL BUSINESSES


The HIRE Act and the Healthcare Bill that were signed into law earlier this year will likely result in a number of dramatic changes, viewed as both positive and negative, to the business environment. Two of the changes that seem to be business-friendly are new tax credits that are available to many taxpayers. Here are some of the highlights.

TAX CREDITS FOR HIRING UNEMPLOYED WORKERS

• The credit is applied against the employer's payroll taxes and is equal to 6.2% of qualified hired employees' taxable wages paid in 2010.
• Additionally, if you hire a qualified worker under this initiative and keep that employee on your payroll for a continuous 52 week period, you are eligible for an additional income tax credit of up to $1,000.
• Qualified employees are individuals who have been unemployed for at least 60 days and are hired between February 3 and December 31, 2010.
• An employer could save up to $7,621 per eligible employee.
• The benefit is available to private sector and to nonprofit organizations.
• Newly hired, part-time employees can qualify.

TAX CREDITS FOR PROVIDING HEALTH INSURANCE TO EMPLOYEES

• The credit is applied against your income tax and could equal up to 35% (25% for nonprofits) of the premiums paid by the employer for employees' health insurance.
• You may qualify for this benefit if . . .

1. You employ less than 25 full time equivalent employees,
2. Your average annual payroll per employee is less than $50,000, and
3. You pay 50% or more (single, employee only) of the health insurance premiums for your employee(s).

• For purposes of calculating the number of employees and the average employee wages, owners and their families are excluded; no credits are available for owners and their family members.
• Phase-outs apply for employers who employ over 10 employees or have average taxable wages greater than $25,000 per employee.

If you believe you might qualify for any of the above described benefits or you would like additional information, please call us.




Reese Henry & Company, Inc.
400 East Main Street Aspen, CO 81611
970.925 3771

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