Could you be missing out on FREE MONEY for Healthcare for your Business?

Originally Posted 22nd March 2013 by HCReform4SmallBiz

One of the provisions of the Affordable Care Act is the ability for businesses that already provide health insurance to their workers to receive a tax credit.

Who doesn't like free money from the government?

Well, it seems a lot of businesses don't claim their tax credits.

I read an article a few months ago that shared some shocking news:"More than 170,000 small businesses have claimed credits to offset the costs of health coverage, but an estimated 1.4 million to 4 million employers could be eligible for the incentive."

I was so surprised that I posted a copy of the article to a portal for Vistage International, a CEO group I belong to see if any of their members had any experience with the tax credits. I got one answer from a CEO who claimed that the company had paid in over $13,000 in premiums but the tax credit only netted his company about $400. That's a far cry from what the proposed credit should be according to Small Business Administration but then again, I don't know if the company met all of the criteria for the credits.

Do you currently provide health insurance for your employees? Could you qualify for small business tax credits? There could be free money waiting for you if you do!

Here is a brief overview of the criteria and how much money there might be out there for you:

Through 2013, to qualify for a small business tax credit of up to 35% (up to 25% for non-profits) of your premium contributions, you must have all of these criteria: Fewer than 25 full-time equivalent employees Pay average annual wages below $50,000 Contribute 50% or more toward your employees’ self-only health insurance premiums The Small Business Administration has published a guide on tax credits for small businesses that provide health insurance.

Have any of my readers tried to claim the tax credit? Was it difficult? Easy? If you do the work to claim the tax credit - I would love to know how it goes. Email me at HCReform4SmallBiz AT gmail.com