I have received questions from several of our clients wondering if Obamacare will affect their business. By 2014, employers will be required to provide health insurance to employees if they have more than 50 full time equivalent employees. If the employer does not comply, they will be subject to a penalty. If you are an individual who is responsible for your own insurance, you should expect your health care premiums to rise.
While businesses with fewer employees are not required to provide insurance, those that do may be eligible for a small business health insurance credit. This credit is available to businesses with less than 25 full time equivalent employees and has actually been available for the past several tax years. The credit is based on the number of employees and the average annual wage and offers a credit up to 35% of the premiums paid. This will increase to 50% in 2014. If you are a small business owner who provides health insurance for your employees, contact Numerico today to be sure you are taking full advantage of this credit.
This guest post was authored by Emily Fishwick of Numerico, PC.
