Beginning in 2010 and due to expire in December 2015, a
practice that provides staff health insurance benefits can claim up to 35% of
premiums paid for staff, not including the doctor, as a federal income tax
credit. Practices that pay at least 50%
of staff members’ premiums qualify for the credit. There is a quantifying formula which includes
the number of full time employees or the equivalent thereof (FTEs) and the
average annual wages paid to staff.
Using the formula, your CPA can make calculations to determine how much
tax credit the practice is due.
This tax credit is available for the tax years 2010 and 2011
and will continue for 2012, 2013, 2014, and 2015. If your 2010 and 2011 tax returns were filed
without claiming this credit, the practice CPA can file amended returns to
claim it.
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