The new health care reform is rolling out across the country, yet there are some companies who don’t understand all the particulars of the new health care legislation. One of the most important questions on a business owners mind is, “Is my business eligible to receive tax credits?” Finding the right answer will allow a business owner to get the help they need to pay for group health insurance for their employees.
Well, the answer is yes based on certain circumstances. If you own a business that has less than 25 employees who are paid an average annual salary of less than $50,000, your company is eligible to receive a tax credit. The employees must be working full-time and you must contribute at least 50 percent toward the insurance coverage premium costs.
You may also be eligible for the tax credit if you are a business owner who has 10 employees or fewer. The employees must work for you full-time and receive less than $25,000 in an annual salary. If you own a non-profit organization, you must follow the same criteria as a regular business and you may also find that you will receive a lower amount of tax credits.
For more information about how the health care reform affects tax credits for businesses, please contact Sackett & Associates.