Published on October 10, 2014
When you purchase well being protection to your staff by the Small Business Health Options Program (SHOP) Marketplace, you could qualify for a tax credit score price as much as 50% of your premium contributions.
Two new instruments at the moment are out there in Spanish on CuidadoDeSalud.gov to make it simpler for small employers to know and take full benefit of the advantages out there from the SHOP.
The new Full-Time Equivalent (FTE) Calculator helps small employers decide in the event that they’re eligible to purchase SHOP protection for his or her staff, whereas the brand new SHOP Tax Credit Estimator lets small employers study the dimensions of the tax credit score they may get for contributing to protection for his or her staff by the SHOP.
Here are some key issues you need to know in regards to the tax credit score and making use of for SHOP:
- Employers with fewer than 25 full-time equal staff could also be eligible for the Small Business Health Care Tax Credit, price as much as 50% of employer premiums contributions, if their staff make a median of $50,000 a 12 months or much less.
- The tax credit score shall be out there to eligible employers for 2 consecutive taxable years.
- The tax credit score could also be out there to eligible tax-exempt employers who might obtain as much as 35% of employer premium contributions, and might entry the credit score as a refund.
- Generally, the Small Business Health Care Tax Credit is offered for eligible employers buying SHOP well being plans.
- Visit IRS.gov for the freshest info and steerage on claiming this tax credit score.
- Even should you’re a small employer who doesn’t qualify for a small enterprise tax credit score, you should still buy protection by SHOP.
Apply for SHOP protection any time, all 12 months
SHOP is open to employers with 50 or fewer full-time-equivalent staff (FTEs) and enrollment is open year- spherical.
If your state runs its personal SHOP, go to your state Marketplace for info on methods to calculate FTEs.
Choose your state and we’ll allow you to get began. If you may have questions in regards to the SHOP Marketplace name 1-800-706-7893 (TTY: 711), Monday by Friday, 9 a.m. to 7 p.m. ET. Agents and brokers might also use this quantity.