October 10, 2014
If you purchase well being protection on your workers via 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 workers, whereas the brand new SHOP Tax Credit score Estimator lets small employers study the scale of the tax credit score they might get for contributing to protection for his or her workers via the SHOP.
Listed below are some key issues it’s best to know in regards to the tax credit score and making use of for SHOP:
- Employers with fewer than 25 full-time equal workers 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 workers make a mean of $50,000 a 12 months or much less.
- The tax credit score shall be obtainable to eligible employers for 2 consecutive taxable years.
- The tax credit score could also be obtainable to eligible tax-exempt employers who may obtain as much as 35% of employer premium contributions, and might entry the credit score as a refund.
- Usually, the Small Enterprise Well being Care Tax Credit score is obtainable for eligible employers buying SHOP well being plans.
- Visit IRS.gov for the most up to date information and guidance on claiming this tax credit.
- Even should you’re a small employer who doesn’t qualify for a small enterprise tax credit score, you should still buy protection via SHOP.
Apply for SHOP protection any time, all 12 months
SHOP is open to employers with 50 or fewer full-time-equivalent workers (FTEs) and enrollment is open year- spherical.
In case your state runs its personal SHOP, go to your state Market for data on learn how to calculate FTEs.
Select your state and we’ll provide help to get began. When you have questions in regards to the SHOP Market name 1-800-706-7893 (TTY: 711), Monday via Friday, 9 a.m. to 7 p.m. ET. Brokers and brokers may use this quantity.