by Mark Jones
I’ve posted blogs in the past about taking advantage of a provision in the new Affordable Care Act. Ministries that qualify have until May 15 to apply to claim the credit of up to 25% of healthcare premiums paid for their employees. While you always need to read and understand the fine print on measures like this, I want to encourage you to take advantage of this credit if your ministry qualifies.
I’ve found two good videos, one featuring attorney Richard Hammar, that provide a good review of this credit for ministry organizations. The other is from the IRS. Both videos provide a good summary and help you understand whether your organization can qualify for this credit.
With the May 15 deadline fast approaching, now is the time to see if your ministry qualifies for this credit so you’ll have time to complete the necessary forms. Even if your ministry doesn’t file an annual tax return, you may still be eligible for this tax credit as a refund. Check it out.
See the IRS for the applicable forms and information to claim this credit.