The Internal Revenue Service is offering a sneak peek at the new form small businesses will use to claim the health care tax credit next year.
A draft Form 8941 is online at IRS.gov. A final version of the form will be available later this year, the IRS said.
Both small businesses and tax-exempt organizations will use the form.
“For tax years 2010 to 2013, the maximum credit is 35 percent of premiums paid by eligible small business employers and 25 percent of premiums paid by eligible employers that are tax-exempt organizations. Beginning in 2014, the maximum tax credit will go up to 50 percent of premiums paid by eligible small business employers and 35 percent of premiums paid by eligible, tax-exempt organizations for two years,” the IRS said in a press release.
The 25-line draft form has the usual assortment of tax form language — “If line 2 is 10 or less, enter the amount from line 7. Otherwise, see instructions.”
In other words, be prepared to read the instructions. But at least you get to start studying the form now.