New Website Offers Tips on Small-Biz Healthcare Tax Credits

For those employers who have waited to the last minute to file their taxes, the ffinal countdown is on.

Sept. 15 is the deadline for small business owners who filed extensions to pay the piper. But it's not all bad news: Entrepreneurs who act quickly have the opportunity to pocket some extra cash by taking advantage of healthcare tax credits.

Created under provisions of the new healthcare reform law, the small-business tax credit is designed specifically to offset the cost of health insurance for the job creators America depends on most -- small-business owners. Employers who've requested an extension on their taxes have until Sept. 15 to file returns, while sole proprietors have until Oct. 17. That's not much time, true, but there's a new resource available for California small employers that clearly lays out the ins and outs of health insurance and helps them determine whether they're eligible for a tax credit.

Business owners who have already filed their 2010 taxes may still be able to claim by filing an amended tax return. For those who don't qualify for the credit this tax year, it will still be available in years to come.

On Sept. 13 the Small Business Majority released the California Health Coverage Guide, a comprehensive website featuring everything California small business owners need to know about health insurance that includes a tax credit calculator. This is a handy tool for entrepreneurs who want to file for a tax credit immediately

One small business owner who has already benefited from the tax credit is Virginia Donohue of San Francisco. Donohue, the owner of Pet Camp, said, "I have really been hanging on the last couple of years, waiting for reform." Health insurance became so expensive for her business that Virginia inevitably had "nowhere left to go. I already have the highest co-pay you can buy."

Her $8,000 tax credit has shown Virginia that health reform is starting to work. Employers like her, who for decades have prided themselves on offering insurance, can be found all across the country. These hardworking Americans deserve to maintain that pride.

This week in particular, the Coverage Guide will be an excellent resource for busy employers who are looking for a quick tax-credit estimate. But the website's impact will reach far beyond Sept. 15. Along with the tax credit calculator, the guide offers a comprehensive set of tools and information on all matters healthcare, meant to simplify the task of researching health insurance so small business owners have more time to focus on how to boost business.

The guide's step-by-step model helps employers navigate the complexities of today's healthcare market one issue at a time. It outlines the steps for determining whether purchasing coverage is affordable, and also walks employers through the process of deciding which brokers, carriers, and plans might work for them. Another major element of the site is its section on business-related healthcare laws.

In order for small-business owners to benefit from the provisions of the federal law designed to help them, such as the tax credit, they must first be aware of these laws. That's why the Health Coverage Guide includes extensive information about federal and state laws employers should know about when making coverage decisions.

Small businesses are the nation's most prolific job creators, and for this reason they need all the support they can get to put our economy back on the right track. For the sake of jobs and the economy, it's crucial these employers understand laws that affect them now and when healthcare reform is fully implemented in 2014.

Being prepared for forthcoming changes is the best way small business owners can take advantage of what the Affordable Care Act has to offer. By being ready for every available opportunity, these entrepreneurs will be poised to expand their businesses sooner than later, paving the nation's road back to a robust economy.

For more information on claiming the credit, even if you've already filed your taxes, check out this info from the Department of Health and Human Services.