About the Health Insurance Tax Deductions for Small Business

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When it comes to small businesses a lot of things have been changing in recent years, especially on the insurance front. Find out about health insurance tax deductions for small businesses with help from an expert at Combs & Company in this free video clip.

Part of the Video Series: Insurance Questions Answered
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Video Transcript

Hi, my name is Susan Combs, and today we're going to talk about health insurance tax deductions for small businesses. When it comes to small businesses a lot of things have been changing. Some people have decided to offer benefits, some people have not. One thing is is if you are a small business and you have less than 25 employees, you may qualify for a small business tax credit with your health benefits that you are going to offer your employees. The key thing to remember is that as of 2014, the only way to get this tax deduction is to be as the employer that you apply for coverage through the exchange. So either if you have a state run exchange or you have a federal exchange, that's going to be the only way you can get this credit and with the credit like I said you have to have under 25 employees and the average salary cannot be any greater than $50,000. So everybody has kind of a sliding scale so depending upon where your employees are number-wise and also where they are salary-wise, that's going to determine your credit. So the best thing to do is to either talk to your carrier or talk to your broker that can actually help you calculate if you would be eligible for this credit. I will caution you that we have heard in the industry that everybody that is qualified for this credit has miraculously been audited within the same year so keep that in mind to know how much you are going to be credited and if it's going to be worth the nightmare of an audit that you may have to go through.

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