S.H.O.P: Small Business Health Options Program
The Small Business Health Care Tax Credit could be worth up to 50% of the costs you pay towards your employees' premiums (35% for non-profit employers). Find out if you're eligible, Learn about the tax credit, review health plans and how to enroll. Any time of year.
See if you qualify for savings: To qualify for the tax credit, all of the following must apply:
- You have at least 1 full-time employee enrolling
- You have fewer than 25 full-time employees (FTE)
- The average employee salary is ~ $53,000 per year or less
- You contribute at least 50% of the employee's premiums
- You offer SHOP coverage to all of your full-time employees.
The advantage is that instead of "deducting" the cost of employee health insurance as a business expense, the employer can actually take a tax credit (a complete reduction in taxes) at the end of the year based on a portion of the cost of employee health insurance benefits.
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