The Affordable Care Act (ACA) offers incentives to many businesses, giving them the opportunity to deliver high-quality medical assistance options to employees. In fact, these benefits may grow in the future thanks to information included in a recent report.
In May 2012, Small Business Majority and consumer group Families USA released a report indicating small businesses that pay for healthcare coverage for their employees could qualify for tax credits under a new program. Researchers revealed small businesses may take advantage of $15 billion the U.S. government has provided in tax credits to save money on medical insurance for their employees.
This could have a tremendous effect on organizations across the country. According to the news source, there are 3.2 million small businesses that employ 19 million workers in the United States. Human resource professionals associated with these companies will want to ensure their organizations can receive every tax incentive possible, and could pursue assistance under the ACA program.
"The tax credits will make it easier for small businesses to offer coverage, which makes their businesses more competitive and boosts their ability to create jobs and drive economic growth," Small Business Majority's John Arensmeyer told the news source.
Employee benefit consultants can assist HR supervisors, defining ACA and examining whether their businesses qualify for these tax credits. The news outlet notes that there are several requirements organizations must meet to receive tax breaks, so reviewing this information with experts could provide tremendous value to small businesses.
It's possible that companies could save substantial amounts of money with assistance from employee benefit services. The total value of tax credits available to small businesses for 2011 totals more than $15.4 billion, which works out to an average of $800 per employee, the news source reports. Find the optimal way to maximize possible tax incentives with assistance from experienced employee benefit professionals.
