Does my Business Qualify for a Small Business Health Care Tax Credit?
If you are a small business, there is one particular tax credit you may qualify for that can put more money back in your pocket.
The health care tax credit for small businesses assists companies that:
- have fewer than 25 full-time equivalent employees
- pay an average wage of $50,000 a year or less
- pay at least half of employee health insurance premiums
The tax credit is highest for businesses with 10 or fewer employees who make $25,000 a year or less.
To be eligible for qualification, you must have purchased coverage through the small business health options program or the SHOP marketplace. You also must meet the employee and income stipulations along with paying at least 50% toward the cost of your full-time employees’ premium costs.
The credit is also only available on certain plans. Contact us for your complimentary review or call (404) 256-2171 and ask for Al Schiebel to see what option is best for your business.
You can also learn more by visiting IRS.gov or consulting with your tax advisor.