Tax season is here again, but this year brings opportunities that haven't been available in the past, the Marine Retailers Association of America said in an advisory to its members.
"Even though MRAA remains strongly opposed to the new health care law, the newly enacted law does provide a tax credit for small businesses with fewer than 25 full-time employees and average wages of less than $50,000," the MRAA said. "According to the health care law, these small businesses will be eligible for a tax credit on their 2010 returns of up to 35 percent of their health insurance costs."
It is estimated that more than 4 million small businesses nationwide, or about 83 percent, are eligible to receive the tax credit for 2010 earnings.
The MRAA encourages boat dealers to work with tax professionals to verify that their businesses are eligible and can take advantage of the tax credit.