Saturday, November 15, 2014
Enrolling your employees in
a small
business health insurance plan
does more than just help them stay healthy. The IRS can actually give
you tax credits for doing it .
Eligibility
According to the IRS, a
small employer is eligible if he has fewer than 25 workers employed
full-time or a mix between full-time and part-time; furthermore,
their average annual wages should not exceed $50,000. The employer
should also pay uniform percentage for all employees equal to or more
than 50% of the insurance coverage’s premium cost. Tax-exempt
organizations falling under these factors may also qualify.
Claiming
To claim your tax credits,
fill in the IRS form 8941, also called Credit for Small Employer
Health Insurance Premiums. For small businesses, you should include
the amount in your tax return as part of the general business credit.
For tax-exempt organizations on the other hand, include the amount in
line 44f of form 990-T, or the Exempt Organization Business Income
Tax Return.
Find an Insurance
Provider
If you’re a small business
owner who still hasn’t gotten around to getting insurance for his
employees, then waste no time and look for a provider today. Many
small business insurance companies like InsureYourCompany.com have
excellent group health insurance plans that can cater to your
business’ needs. Hurry and get a plan started so you can claim your
tax credits.
