The new health reform law gives a tax credit to certain small employers that provide health care coverage to their employees, effective with tax years beginning in 2010. Over several weeks, Vision Payroll will be providing further information on the Small Business Health Care Tax Credit. Today’s topic is Impact of the Small Business Health Care Tax Credit on Deductions for Health Insurance Premiums.

The amount of premiums that can be deducted on the employer’s federal income tax return must be reduced by the amount of the Small Business Health Care Tax Credit.

The next topic to be covered in this series is Impact of the Small Business Health Care Tax Credit on Employment Tax Payments. Contact Vision Payroll if you have further questions on Impact of the Small Business Health Care Tax Credit on Deductions for Health Insurance Premiums.