Thinking of Offering Obamacare Insurance to Your Employees? You May Qualify for a Small Business Tax Credit
The deadline for Obamacare enrollment is right around the corner, which means that it’s likely you are getting bombarded with questions from your employees as to whether or not you will be offering affordable insurance.
If you are thinking about offering insurance to your workers, then you may be pleased to learn that you may actually qualify for a small business tax credit. What does this mean for you? Reduced tax liability and reduced payments overall.
This year’s Obamacare tax credit can be as high as 50 percent of your premium payment. But as great as that sounds, as with all good things, there’s always a catch.
You get a 50 percent tax credit on premiums for up to ten employees. This number goes down as the number of your employees goes up. Once you hit 25 employees, you can kiss your credit goodbye.
Additionally, your employees will be eligible for a subsidy on their premiums. As a business owner, you will not.
And, let’s not forget the endless paperwork you need to submit – all on paper (for insurance on the federal exchange) because online submissions are not available.
So if you are thinking of offering Obamacare coverage to your employers, you might actually stand to lose more than you gain and may need to seek a cash advance for working capital just to cover your own expenses.
Sound tedious? We certainly think so.
Regardless of what you decide, you can know one thing’s for certain. OCM Financial Group is here to help you if you exceed your cash flow. Our merchant cash advance options can provide you with the working capital you need to ensure your valuable employees obtain insurance coverage while at the same time, protecting yourself against liabilities.