MECHANICSBURG, Pa., Feb. 13, 2013 /PRNewswire/ -- The Small Business Tax Credit Calculator™, developed and launched by TaxCredits, LLC™ is now in its THIRD year and available for use by tax professionals at www.smallbusinesstaxcreditcalculator.com. This is still the ONLY online calculator tool valid in all 50 states, to complete lines 1-14 of the 2012 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 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.
"Contrary to many rumors circulating amongst accountants and tax preparers, most small businesses do in fact qualify for substantial tax credits," 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 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."