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Small Business Qualifications For Small Business Health Insurance Tax Credits
The requirements to qualify for the small business health insurance tax credits are as follows:
Providing group health insurance coverage. A qualifying employer must cover at least 50 percent of the cost of health care coverage for some of its workers based on the single rate. - Firm size. A qualifying business must have fewer than 25 full-time workers or equivalent. As an example, a business with less than 50 half-time workers may be eligible for the tax credits.
- Average annual wage. A qualifying employer must pay average annual wages below $50,000. Divide the total annual wages paid to employees, (excluding the wages paid to the business owners and their families) by the total number of employees (excluding the business owners and their families). Total wages ÷ number of employees. If the result is less than $50,000 and you pay at least 50% of the health insurance premiums for your employees at the single (employee-only) coverage rate, then you may be able to claim the Small Business Health Care Tax Credit.
Find out more information at IRS.gov
Both taxable (for profit) and tax-exempt firms qualify.