The Planner

Business Owners Leave Thousands of Dollars on the Tax Table

Scroll down to see more
Arrow down button
The Planner illustration graphic
Login
Close popup button
March 6, 2014
By
Core Group US
Small Business
Business Owners Leave Thousands of Dollars on the Tax Table


The Affordable Care Act (otherwise known as Obamacare) provides a credit for small businesses to help offset the cost of providing health insurance to its employees. Thousands of dollars in credits are left unused each year, primarily by not knowing that the credit exists, and the complication in computing the credit itself.

Who Qualifies: A Business has to employ fewer than 25 full-time equivalent employees, pay an average wage of less than $50,000, and pay at least 50% of the insurance premiums for its employees.

Phase Out: The credit is reduced if the employer has more than 10 employees and if the wage is above $25,000.

Excluded: Self-employed individuals and shareholders of S-corporations are excluded for the credit and for the computations. In addition, their spouses, children, grandchildren, siblings, parents, grandparents, aunts, uncles, nieces, nephews, in-laws, other dependents, and the family pet are also excluded.

The computation is not straightforward, but we’ve created a simple worksheet to see if you could possible qualify for the credit. Click Here to download the worksheet.

We Are Here To Help


Contact us if you would like additional assistance at info@coregroupus.com. Let our experts help you with any of you bookkeeping, payroll or tax needs.

Ask Us a Question
Seems like no one has asked a question yet. Be the first one to do so by filling the form below
Thank you for engaging with us!
We’ll review your question and notify you as soon as we post our answer as quickly as possible. If you have any other questions, you can reach us at your earliest convenience
Oops! Something went wrong while submitting the form.
More Related Content
We couldn't find any related content.
Corey using his computer

Ready to learn how to lower your taxes with better planning?

Nobody can predict the future, but we can get pretty close. We can show you what your future looks like when you have Core Group in your corner.

Schedule Free Consultation
Contact Us
We respect your Privacy. The information you provide will be used to answer your question or to schedule an appointment if requested.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Close popup button