Do You Know About the Health Tax Credit?

Gift of 10million - Do You Know About the Health Tax Credit?

Admittedly, we don’t know a lot about the Health Tax Credit, but our friends at PSK do. PSK LLP provides accounting, tax, and business consulting services. Recently, PSK alerted us to this information about the Health Care Tax Credit, which we thought might be helpful for your church. If you qualify, this is money your church can use in your ministries.

 

With just a few pieces of information, you can receive funds that have been earmarked to offset your church’s health care costs. Even if your church does not file a tax return,  you may still be eligible for this credit.

In order to receive this health care tax credit, your church must meet the following:

  • Provide Health Car Coverage: Must cover at least 50 percent of the cost of health care coverage.
  • Firm Size: Must have less than the equivalent of 25 full-time workers (for example, two half time workers would be equal to 1 full-time worker)
  • Average Annual Wage: Must be less than $50,000 excluding ordained pastors.

Also, you may still be eligible to receive this credit from a previous year even if you missed the deadline. Don’t hesitate to take advantage of this tax credit.

PSK can help you file. They work with churches across the nation that vary widely in size and budget. PSK can get your church’s financial tasks accomplished and accounting systems in order.
Please visit their website or call them at (817) 664-3000 or (800) 424-5790.
We partner with PSK through the Partners in Church Consulting (PCC) Network.