Many Small Business Owners Missing Tax Credit - 8 News NOW

Many Small Business Owners Missing Tax Credit

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LAS VEGAS -- Nonprofit organization Small Business Majority is trying to raise awareness about a tax credit that could provide some relief for owners.

The tax credit is part of the Affordable Care Act, widely known as Obamacare.

But the organization said there are still nearly 30,000 small businesses in Nevada that could take advantage of the tax credit, and receive $1,000 or more.

At a garage repair shop, Ron Nelsen of Pioneer Overhead Door said IRS Form 8941 is a small help.

"I have that tax credit (and) I can put that money in my budget, knowing that my health care costs will not increase because I have this credit to offset any increases I'm incurring," he said.

But Lola Pokorny said she has never received the health care tax credit for her restaurant.

"I've just heard enough about it to concern me," she said.

Both small businesses offer health insurance to their employees, but only Nelson's business is receiving the credit.

Tim Gaudette of Small Business Majority said many owners have yet to take advantage of the credit for offering health insurance to employees.

"This issue is, the money is there, but small businesses don't know about it," Gaudette said.

"Small Business Majority estimates that about 29,600 businesses would be eligible."

Even companies that don't offer employees insurance but want to can apply, he said.

It's an ounce of relief to mom and pop shops trying to plan their futures.

"We have to be self reliant and we have to try to provide for those around us that want to work," Pokorny said.

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