02/23/2011
Asuris Northwest Health launches online tool to help small businesses with tax credits
In the current economy, many small businesses will take advantage of the health care reform small-business tax credit. We're partnering with H&R Block® to offer a resource to help. Together, we've launched an online calculator to help small businesses estimate their potential savings from the new health care reform tax credits and determine overall affordability of health coverage for employees.
As part of the new health care reform law, many small businesses with fewer than 25 employees may qualify for a tax credit of up to 35% of their premium costs. The credit helps those businesses start or continue offering and paying for employee health coverage.
To qualify for the tax credit, businesses must:
- Have fewer than 25 full-time employees (or the equivalent)
- Have an average annual salary of less than $50,000
- Pay at least 50% of its employees' premiums
Small businesses can find the calculator in Employer Center, or referenced on the Top 10 (see graphic below). Employers will be prompted to answer a few basic questions about their employees and coverage, including the number of employees, details about their payroll, and how much in insurance premiums they expect to pay. The calculator then generates an overview of their health care costs and tax liability for 2010 through 2013, 2014 through 2017, and 2018 and beyond. Producers can view the calculator on our public site.
If you have questions or want more information about the online tool please contact H&R Block at 1 (800) HRBLOCK.
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