There has been much said about the way the Affordable Care Act supports individuals – by ensuring that no one can be denied coverage for a preexisting condition, men and women are finally treated the same by insurance companies, and bringing an end to lifetime coverage caps. But did you know that small businesses are already benefiting from implementation of the ACA?
In 2010 when the ACA was enacted it made available a tax credit for small businesses. Small businesses with 25 employees or less can get tax credits of up to 35% of the cost of providing insurance to help provide health care to employees. The credits will rise to 50% in 2014. In addition, churches and other non-profit entities, with 25 employees or less, are also eligible to receive tax credits towards the cost of supplying insurance to their employees.
For more information about how to claim a credit, small business owners are encouraged to visit: http://smallbusinessmajority.org/small-business-research/healthcare.php