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New Small Business Healthcare Credit

As the cost of health care rose over the past decade, the percentage of companies offering health insurance to their employees fell from 57% in 2000 to 45% in 2007. This, among other political reasons, has triggered health care reform that will help small businesses. to provide health insurance to their employees while penalizing large corporations for not providing health insurance to their employees.

Since the plan was first announced earlier this year, MANY misconceptions have surfaced. The most common misconception was that this new plan would give a 35% tax credit to all small businesses offering health insurance to their employees.

However, as we saw in the details of the plan, here is a more accurate representation of the small business health care tax credit for small employers:

How to qualify as a small employer:

-The employer must pay at least half of the cost of health insurance

-The employer must have less than the equivalent of 25 full-time employees (if a business has more than 25 employees, but the total number of hours worked is 50,000 or less, they may still qualify)

-The average annual salary must be $50,000 or less (total salary divided by the equivalent number of full-time employees)

Credit amount:

-35% is the maximum credit (in 2014, this maximum credit increases to 50%). For tax-exempt corporations, the maximum credit is 25%.

-The credit is partially removed for employers who pay an average annual salary between $25,000 and $50,000 (for each $1,000 above $25,000, the credit is reduced by approximately 4%)

-The credit is partially removed for employers who employ the equivalent of 10 to 25 full-time employees (for each employee over 10 years, the credit is reduced by approximately 6.67%)

Be sure to visit MichaelTHanley.com often. I will continue to post updates throughout the year as more details emerge.

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