CPA & Business Advisory Blog

Small Business May Soon Benefit from Tax Credits for Providing Health Insurance Benefits

Reform to the health insurance systems will offer an immediate benefit to small businesses via tax credits starting this year, rather than burden them with continually rising health insurance premiums. 

  • In 2010, small business owners will be receiving up to 35 percent of the employee premiums they pay. 
  • In 2014, the maximum tax credit will increase to 50 percent.  This will allow small business owners to seek plans through health insurance exchanges.  These exchanges are a marketplace where small businesses pool their risk together, which will reduce administrative costs.  By pooling their risk it will prevent insurance companies from increasing premiums for a small business because one worker gets sick or has a pre-existing condition.  Dental and vision coverage also qualify for this credit.

For more information on these tax credits, contact our Small Business Services Group at 440-449-6800 or click here.

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