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Printed on October 10, 2014
Once you purchase well being protection on your staff by the Small Enterprise Well being Choices Program (SHOP) Market, chances are you’ll qualify for a tax credit score value as much as 50% of your premium contributions.
Two new instruments at the moment are obtainable in Spanish on CuidadoDeSalud.gov to make it simpler for small employers to know and take full benefit of the advantages obtainable from the SHOP.
The brand new Full-Time Equal (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 score Estimator lets small employers be taught the scale of the tax credit score they may get for contributing to protection for his or her staff by the SHOP.
Listed here are some key issues you need to know concerning 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 Enterprise Well being Care Tax Credit score, value as much as 50% of employer premiums contributions, if their staff make a mean of $50,000 a 12 months or much less.
- The tax credit score will probably be obtainable to eligible employers for 2 consecutive taxable years.
- The tax credit score could also be obtainable to eligible tax-exempt employers who might obtain as much as 35% of employer premium contributions, and may entry the credit score as a refund.
- Usually, the Small Enterprise Well being Care Tax Credit score is offered for eligible employers buying SHOP well being plans.
- Go to IRS.gov for the freshest data and steerage on claiming this tax credit score.
- Even in case 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.
In case your state runs its personal SHOP, go to your state Market for data on the right way to calculate FTEs.
Select your state and we’ll provide help to get began. When you have questions concerning the SHOP Market name 1-800-706-7893 (TTY: 711), Monday by Friday, 9 a.m. to 7 p.m. ET. Brokers and brokers may additionally use this quantity.
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