MENLO PARK — If you’re a small business owner with less than 25 employees, you may be eligible for a tax credit you didn&#8217;t know about. Under the 2015 Affordable Care Act, a new program was instituted that rewards employers who offer (or continue to offer) health insurance benefits by giving them a tax credit equivalent to as much as 50 percent of the premiums they pay.
To qualify for this tax credit, your business must meet the following criteria: 1) you must have less than 25 full-time employees or their equivalents, 2) your employees’ average annual wages must be less than $50,000, 3) you must contribute at least 50 percent of your employees’ insurance premiums, and 4) the benefits must go through a California State Purchasing Pool for small employers. In many cases, employers who already offer insurance can continue with the same plans they already have.
Don’t wait until it’s too late—inquire with your tax professional today to see if you qualify for this tax credit in the coming year.

by Bob Vinal, a Diamond Certified Expert Contributor

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