Q: Can I get a health care tax credit for my small business?
–Curious Business Owner
A: Dear Curious:
Health care tax credits can be a significant benefit for small businesses that want to provide healthcare for their employees.
Not every small business will qualify for the tax credit. To determine if your business can use the health care tax credit, you must meet all the following qualifications:
If you meet these requirements, your business can claim the health care tax credit. The credit covers up to 50% of your contributions to your employees’ premiums. For example, if you had 10 full-time employees and paid a total of $5,000 toward their premiums, the credit would total $2,500. The credit for non-profit organizations, however is only 35%.
A note about the SHOP marketplace: To be eligible to offer coverage through the SHOP marketplace, your business:
If you are interested in the health care tax credit, sit down with a Creative Business Lawyer® for guidance. A Creative Business Lawyer® can help you structure your business and employee insurance coverage to take advantage of this valuable credit and every tax break available to your business.