Small Business Tax Credit Calculator™ Updated for Tax Year 2014

Share Article

Small Business Tax Credit for Medical Premiuns increased to 50% for 2014

The Small Business Tax Credit Calculator™, developed and launched by TaxCredits, LLC™ is now in its fifth year and available for use by tax professionals at This still the only online calculator tool valid in all 50 states, to complete lines 1-14 of the 2014 IRS Form 8941 for the tax preparer. This 100% guaranteed numerical calculation turns what the IRS projects to be a 12-16 hour task into minutes saving time and frustration for tax preparers and small business owners everywhere.

The calculator, not an estimator tool as are most on the web today, computes specific, complete, and actual numerical data needed for qualifying small businesses to use in filing tax returns to take advantage of the Small Business Tax Credit (SBTC) created by Health Care Reform legislation called The Patient Protection and Affordable Care Act. The Tax Credit was increased to 50% (for profit) and 35% (tax exempt) for 2014, providing small business owners addition relief in affording to continue to offer medical benefits to employees. Another major change from 2013 is that the IRS now requires the use of individual County & State Average premiums which required the addition of over 4600 variables. No other calculator tool incorporates these new requirements to compute a Small Business Tax Credit for 2014.

“Contrary to many rumors circulating amongst accountants and tax preparers, most small businesses do in fact qualify for substantial tax credits and now with the credit increasing to 50% of qualifying medical premium creates great opportunity for small business owners!” affirms Tim Morrison, President of Tax Credits, LLC and Developer of the Small Business Tax Credit Calculator™.

“The calculations are so complex that people without in-depth knowledge of health insurance and health benefits don’t understand how they qualify based on the initial explanations of the credit by the IRS. Our calculator provides the variables to maximize this credit (including all new 4,600 County/State average premiums) and does the work for them which will enable many more businesses to enjoy the credit they have worked hard for and are entitled to,” Morrison states. “In addition, the recent IRS notices clarify that small businesses are in fact able to take their qualifying small business tax credit amount and still be able to tax deduct the remaining balance of medical premiums as they have in previous years.”

The 100% guaranteed calculations are computed through detailed algorithms based on multiple variables per employee, comparison of hours, days or weeks worked to calculate optimal FTE count and average wages to receive the maximum tax credit. The tool currently provides the calculations for employees in multiple states in addition to employers receiving state premium credits or subsidies.

The calculator is targeted to accountants and multi-client professionals as it offers an excel template entry for ease in data completion for tax professionals with small business clients eligible for the Small Business Health Care Tax Credit. The calculator tool is offered at $495 for a Multi Company License to perform unlimited client calculations.

Tax Credits, LLC™, based in Mechanicsburg, PA, represents, manages and markets the Small Business Tax Credit Calculator™ created in cooperation with Tekmark Global Solutions, LLC. Timothy J. Morrison, President of Benefit Design Specialties, Inc. and Founder of TaxCredits, LLC, spearheaded development of the Small Business Tax Credit Calculator ™ to engage and share his expertise in the health care arena gained over the last 29 years of servicing over 300 small businesses as a health care broker, employee benefit product & plan consultant and in-house benefit administrator.

Media Contact: TJ Morrison, Tax Credits, LLC, 717-766-7208, Ext 211 PressInquiries(at)SmallBusinessTaxCreditCalculator(dot)com

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Timothy Morrison
Tax Credits, LLC
+1 (717) 766-7208 Ext: 201
Email >
Visit website