Business Get New Tax Credit for Employees Family or Medical Leave
For businesses who provide paid family or medical leave to employees, a new credit is available under the new Tax and Jobs Act.
The new credit is generally equal to 12.5% of the amount of wages paid during the time of leave but could be more for employers who pay employees over half their normal wages while on leave.
There are, of course, a number of rules and limitations.
As an example, the rules require a written policy that gives full-time workers at least 2 weeks of paid family or medical leave each year, prorated for part-time workers.
The credit only applies to employees whose total wages don’t exceed $72,000 in 2017.
Changes to the tax code under new Tax Cuts and Jobs Act will impact virtually every aspect of tax filing,
Including all sorts of formerly allowable deductions.
As your tax professional, Capital Advisory Group Inc. is up to date on all these changes so that you can be assured the best possible tax strategy advice and preparation whether they’re filing as an individual, a sole proprietor, or corporation.
Call us today at (636) 394-5524 and let us help guide you through the complexities of these new rules.