Business digest: Businesses to be notified of credits
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Businesses to be notified of credits
The Internal Revenue Service will begin sending postcards to 25,709 New Mexico businesses this week to notify them of benefits of small business health insurance tax credits.
Tax credits of 25 percent of premium costs will be available for small businesses that purchase health insurance for employees if there are 25 or fewer employees with average annual wages of up to $50,000. Businesses that have 10 of fewer full time employees can receive a 35-percent credit.
According to the IRS, eligible businesses can claim the credit when they file tax returns in 2011.
