YOUR BUSINESS AUTHORITY

Springfield, MO

Log in Subscribe

Opinion: More small businesses offering health coverage

Posted online
The Affordable Care Act already is having a positive impact on the lives of many Americans. Small businesses – especially those in rural communities – will particularly benefit from the small business health care tax credit that began with the 2010 tax year.

Many small businesses can receive tax credits that cover up to 35 percent of a company’s share of premiums.

A full tax credit is available to employers with 10 or fewer employees with average annual wages of less than $25,000. The credit phases out gradually as the size of the small business rises to 25 employees and average annual wages rise to $50,000. An estimated 4 million employers will qualify for the credit, with nearly 1.2 million qualifying for the full 35 percent tax credit.

The self-employed – including family farmers, ranchers and small-town Main Street business owners – also may deduct their health care premiums from their 2010 taxes.

The reaction to these Affordable Care Act provisions has been extremely positive, with recent analyses demonstrating that the number of small businesses offering health insurance to their employees increased to 59 percent this year, up from 46 percent last year.

The Center for Rural Affairs has made a Small Business Tax Credit Calculator available at www.cfra.org/policy/health-care to help determine whether your business qualifies. If you’re a farmer, rancher or Main Street business owner, you can find out more about the health care deduction for the self-employed there, too.

—John Crabtree, Center for Rural Affairs[[In-content Ad]]

Comments

No comments on this story |
Please log in to add your comment
Editors' Pick
Influencer marketing increasing in popularity

The Harvard Business Review finds more than 75% of brands have a dedicated budget for influencer marketing, and a study from social media resource Influencer Marketing Hub said the industry is expected to grow $21.1 billion this year.

Most Read
SBJ.net Poll
Do you plan to make a charitable donation by year's end?

*

View results

Update cookies preferences