Small businesses have found assistance when providing healthcare to their workers through the 2010 IRS tax credit for small business health insurance. Employers seeking affordable health insurance plans in cases where there may be a small number of employees have often had difficulty meeting these costs due to the high premiums, but this tax credit which has been offered as a way to either prompt more employers to acquire health insurance or for employers who currently have insurance to keep their plans, is still available for tax years 2010 through 2013.
Yet, additional assistance may begin in 2014 for these companies who are eligible as the percentage of the tax credit may increase. Presently, employers who qualify for the small business health insurance tax credit may be eligible to claim this credit for up to 35% of premiums which are paid, but in 2014 this maximum credit is set to increase to 50% of premiums.
Obviously, being able to write off 35% of premiums paid towards employer health insurance plans can do a great deal in terms of providing more affordability for these companies who, again, may have a small workforce. One of the requirements of this tax credit is that employers have no more than 25 full-time employees who make more than an average of $50,000 per year. While there may be companies, for example, who have 50 part-time employees who only work 20 hours a week, this tax credit may still be available to certain businesses who meet these conditions.
New tax forms and guidelines for this credit were recently made available on the IRS website and can provide more assistance for employers who want to claim the health care credit for the 2010 tax year. Yet, companies will still have the opportunity to provide health insurance to their workers and claim this tax credit in the coming years as, again, the tax credit is hoped to provide stability and affordability for employers either seeking health insurance programs or who are trying to maintain their employer health insurance plans.
While there are options like employer group health insurance programs which may be helpful when it comes to finding affordable health care options for workers, smaller companies are being prompted to look into this new health care tax credit as, again, high premium costs which may be causing strain for a small business could be claimed as a tax credit in the coming years and will allow these employers to provide coverage to their workers through a health insurance plan.