Page 18 - 2021 Taxes Quick Guide_01

Tax Credits

This is the sample dummy text insert your desired text here because this is the dummy text

Recovery Rebate Small business

(third round) 07 health insurance

09
26% of amount paid for qualifying property
(for qualified fuel cell property, maximum
credit of $500 for each 0.5 kilowatt of 50% of amount of nonelective
capacity). contributions an eligible small business
makes on behalf of its employees for
premiums for certain health insurance
Child and coverage (35% credit against payroll

dependent care tax for tax-exempt entities). Available
for two consecutive tax years. Phases
08 out for employers with between 10

and 25 full-time-equivalent employees
For 2021, the credit is refundable and and average annual wages of between
worth 50% of eligible expenses, up to a $27,800 and $55,600.
limit based on income. Making the
credit worth u to $4,000 for one
qualifying individual and up to $8,000
for two or more. Credit reduction
starts at household income levels over
$125,000, and taxpayers with adjusted
gross income over $438,000 are not
eligible for the credit. In addition, the
exclusion for employer-provided
dependent care assistance increases to
$10,500 for 2021.