Low Home mortgage Interest Rates
Interest rates are currently at an all time low. Consider refinancing your home mortgage to take advantage of the historic lowinterest rates that are being offered. Rates are ranging from 4.375% for a 30 year fixed mortgage to 3.875% for a 15 year mortgage. We can help you “crunch” the numbers, give us a call!
Health Insurance Tax Credit
There has been much “news” as well as an IRS mailer regarding the new tax credit for providing health insurance to your employees. Many are curious how this will affect their business. The credit will cover up to 25% of a qualified profit employer’s contributions to health care. This credit is available for profit organizations with fewer than 25 full-time equivalent employees with average annual wages for less than $50,000. However, you will find that the full credit is phased out as the number of full-time equivalents increases from 10 to 25 and as the average employee compensation increases from $25,000 to $50,000.
Many employers will not qualify for this credit. Please consult the table below to help determine the maximum tax credit an employer will receive on their contribution toward an employee’s health insurance. Please contact us with any questions regarding this credit and how it will affect you and your business.
Tax Credit as a Percent of Employer Contribution | ||||||
to Premiums for 2010-2013 | ||||||
Firm Size | Average Wage | |||||
up to $25,000 | $30,000 | $35,000 | $40,000 | $45,000 | $50,000 | |
Up to 10 | 25% | 20% | 15% | 10% | 5% | 0% |
11 | 23% | 18% | 13% | 8% | 3% | 0% |
12 | 22% | 17% | 12% | 7% | 2% | 0% |
13 | 20% | 15% | 10% | 5% | 0% | 0% |
14 | 18% | 13% | 8% | 3% | 0% | 0% |
15 | 17% | 12% | 7% | 2% | 0% | 0% |
16 | 15% | 10% | 5% | 0% | 0% | 0% |
17 | 13% | 8% | 3% | 0% | 0% | 0% |
18 | 12% | 7% | 2% | 0% | 0% | 0% |
19 | 10% | 5% | 0% | 0% | 0% | 0% |
20 | 8% | 3% | 0% | 0% | 0% | 0% |
21 | 7% | 2% | 0% | 0% | 0% | 0% |
22 | 5% | 0% | 0% | 0% | 0% | 0% |
23 | 3% | 0% | 0% | 0% | 0% | 0% |
24 | 2% | 0% | 0% | 0% | 0% | 0% |
25 | 0% | 0% | 0% | 0% | 0% | 0% |
Give us a call at 616.393.0398 if you would like more information.
Geenen & Kolean, PC
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