I am sure you won’t mind taking some more business tax credits. Here is another tax credit, if you are a small business employer with less than 25 employees who are earning an average wage of less than $50,000 a year and you pay at least 50% of the employee’s insurance premiums.
This tax credit is targeted towards tax-exempt organizations and small businesses. This credit allows small business owners to offer health insurance for the first time.
Here is the scope of health insurance tax credit:
Now the question you are waiting for, How much tax credit?
The maximum credit for small business employers is 35% of premiums paid. For tax-exempt employers, the maximum tax credit is 25% of premium paid.
Want more good news?
Beginning in the year 2014, the tax credit will go up to 50% of premiums paid and 35% for tax-exempt organizations.
Please note tax credit is on the amount you pay for health care premiums. Credit is not on employee-paid premiums. With up to 50% tax credit, I am sure you would love to offer healthcare for your employees.
Want to take credit this year? Call our office for an appointment.