Healthcare Tax Credit For Small Business
The healthcare legislation recently passed by Congress and signed into law by President Obama contains a tax credit for small businesses. The small business healthcare tax credit is meant to help cover the cost of healthcare for small business workers. For qualifying businesses, the healthcare tax credit covers up to 35% of a small business’ healthcare premiums immediately and up to 50% beginning in 2014. Small businesses that qualify for the new healthcare tax credit are those that have less than 25 full-time equivalent workers, pay their employees less than $50,000 per year on average and off set at least 50% of the cost of healthcare coverage for their employees. Notably, non-profit small businesses are eligible for the tax credit as well. The Aidenbaum team understands the needs of small businesses and has experience advising small businesses on all matters, including tax credits.
If you would like to learn more about the healthcare tax credit for small business, please read the Small Business Administration’s fact sheet or contact the attorneys at Aidenbaum Schloff and Bloom PLLC.