If you are a small business in North Carolina, you may qualify for employer healthcare tax credits if you:
- Have fewer than 25 full-time equivalent (FTE) employees making an average of approximately $50,000/year or less
- Pay at least 50% of your full-time employees’ health insurance premium costs
- Purchase coverage through the SHOP Marketplace
The tax credit (which will go into effect in 2014) will be worth up to 50% of your contribution toward your employees’ health insurance costs, or up to 35% if you are a tax-exempt employer. Coverage does not have to be offered to part-time employees or dependents.
Your small business healthcare tax credit could be even greater if your company has fewer than 10 employees making an average of approximately $25,000/year or less. Company size also affects credit size — the smaller the business, the greater the credit.
Do I Qualify for a Small Business Healthcare Tax Credit?
To learn if you qualify for small business healthcare tax credits or to find out how much your credit will be worth, give Independent Benefit Advisors a call at (919) 303-9690.
Our team of health insurance professionals has years of experience working in the North Carolina small business health insurance marketplace, and we would be happy to assist your company with any questions you may have about healthcare tax credits and so much more.
Independent Benefit Advisors has spent years serving small businesses in Apex, Raleigh, Durham, Cary, Charlotte, Fuquay-Varina, Greensboro, Rocky Mount, Sanford, Wake Forest, and other North Carolina locations. Contact us today.