Uploaded: 2024-02-12T06:19:48Z
Channel: Diamond Certified Resource

MENLO PARK — Host, Sarah Rutan: If you’re a small business owner, you’ll want to know whether you’re eligible for a 2015 tax credit. Today we’re in Menlo Park with Diamond Certified Expert Contributor Bob Vinal of Bay Area Health Insurance Marketing to learn more.
Diamond Certified Expert Contributor, Bob Vinal: I’d like to share a tip with how you can save your company thousands of dollars. The Affordable Care Act allocated funds for small employers to encourage them to offer their employees health insurance benefits. They want to do a dollar-for-dollar match for up to 50% of the premiums that you’ve paid. Ok, this can be a valuable benefit for qualified employers.
To qualify you must have 25 or fewer employees or their equivalents. You must pay 50% of the employees’ medical premium. The salaries of the employees must be less than $50,000, but that doesn’t include the owners or the owner’s family &#8211; just the employees. Finally, you must purchase your plan through covered California Small Group Health Options Program, otherwise known as SHOP.
Now, let me give you an example of how this can work. Ok, you pay $20,000 a year towards your employees’ medical premiums. If you qualify, you can get up to a 50% tax credit. That’s $10,000 &#8211; something that you don’t have to use that first year; it can roll over any unused tax credit for the next 20 years.
Now, the SHOP offers Kaiser, Health Net, Blue Shield, and a few other carriers. These might be the same plans you already have, the same benefits you already have, the same doctors, the same hospitals, the same premiums—the only difference is a tax credit. Consult your tax professional today to see if this will work for you.
Host, Sarah Rutan: To learn more from local, top-rated companies, visit our Diamond Certified Expert Reports at experts.diamondcertified.org.

Bob Vinal, Owner of Bay Area Health Insurance Marketing, Inc., a Diamond Certified company, explains there?s a program under the Affordable Care Act that rewards employers who offer insurance benefits, giving them a tax credit equivalent to 50 percent of the premiums they pay.

Small Business Tax Credit Info - Affordable Care Act from Bob Vinal of Bay Area Health Insurance Marketing, Inc.

with Bob Vinal of {BR} Bay Area Health Insurance Marketing, Inc.

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