Regardless of how you feel about “Obamacare” we urge you to learn more about the Small Business Health Care Tax Credit if it can reduce your cost to provide coverage to the employees of your Orange County Business. Jarus & Co has been tracking the progress of healthcare reform in order to assist clients with taking full advantage of all available deductions.
Small businesses with fewer than 50 employees generally are not required to provide coverage to employees. However many of our small business clients in Orange County do provide coverage to their employees as a benefit and retention tool. In additional to increasing retention offering healthcare to employees can be done to attract new employees as your business grows. Jarus & Co as your Orange County CPA can assist your business in offering healthcare benefits in the most tax efficient manner. Some clients find it’s less expensive than they anticipated once the Small Business Health Care Tax Credit reduces their cost to provide coverage.
The credit makes it possible for small businesses and tax-exempt organizations to provide healthcare coverage. Congress approved this credit to promote employer provide healthcare coverage to to encourage those employers already offering coverage to consider doing so. The general rule is that the credit may be utilized by small businesses which cover at least half the cost of coverage for their employees. On June 26, 2014, the Department of Treasury and the IRS issued final regulations on the credit, which include information on the requirement to purchase health insurance coverage through the Small Business Health Options Program (SHOP) Marketplace.
If you are a business owner and are interested in finding out how Jarus & Co can assist your business in claiming the Small Business Health Care Tax Credit we encourage you to give us a call or fill our our web contact request form. You will be contacted by a CPA from our firm within 24 hours.
Small Business Health Care Tax Credit Helps Orange County Businesses was last modified: August 22, 2014 by