I’ve heard there are tax credits for small businesses. How can I find out if my small business is eligible?
• The Patient Protection and Affordable Care Act provides a Small Business Tax Credit to eligible small businesses for contributing toward their workers’ health insurance premiums. This new credit is specifically targeted for those with low- and moderate-income workers. The credit is designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage they already have. In general, the credit is available to small employers that pay at least half the cost of single coverage for their employees. Learn more by browsing the IRS page on the Small Business Health Care Tax Credit for Small Employers. • Beginning in 2014, the tax credit increases to up to 50 percent of the qualified small employer’s contribution to health insurance for employees purchased through the new Exchange. There is also up to a 35 percent credit for small non-profit organizations.
Related Questions
- Will SBA funding be limited to providing assistance to 7(j) eligible small businesses or is that simply the target group for services?
- I’ve heard of other businesses like this from the news/my friend/the internet. Where else to they exist?
- How often may an employer be eligible for the small business tax credits?
