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Small Business Health Care Tax Credit
This new credit helps small businesses (including tax-exempt organizations) with the cost of covering their employees and is specifically targeted to those with low- and moderate- income workers. It is designed to encourage small businesses to offer health insurance coverage, whether initially or to continue coverage already in place. In general, the credit is available to small employers that pay at least half the cost of single coverage for their employees. If you are a small employer (business or tax-exempt) that provides health insurance coverage to your employees, please contact us to determine if you may qualify for the Small Business Health Tax Credit.
Deadline Extended for Closing Home Purchase to Qualify for Homebuyer Credit
Relief has been provided to taxpayers who couldn't meet a key June 30, 2010, closing date for qualifying for the homebuyer credit. As a general rule, both the regular first-time homebuyer credit of $8,000 and the reduced credit of $6,500 for long-term residents generally expired for homes purchased after Apr. 30, 2010. However, if a written binding contract to purchase a principal residence was entered into before May 1, 2010, the credit could be claimed if the purchase closed before July 1, 2010. Under the relief measure, if a written binding contract to purchase a principal residence was entered into before May 1, 2010, the credit may be claimed if the purchase is closed before Oct. 1, 2010. Thus, this extension allows homebuyers who signed a contract no later than the April 30th deadline to complete their closing by the end of September.
