Credit for Small Employer Health Insurance Premiums

While unemployment is relatively high, many of the employment surveys I read indicate that business are having trouble hiring the right people.

The competition for talent, that can run your business (and not someone else’s) means that an employment package needs to be attractive. Even though the ACA act (sometimes known as Obamacare) enables people to purchase health insurance policies with pre-existing conditions, subsidized health care is still a valuable benefit for employees.

If you are a small business, you may be able to obtain a federal income tax credit.

If your business, excluding the owners, has 25 or fewer employees and average wages of less than $50,000, you may be able to obtain a credit of up to 50% of the premium your company paid on your employee’s behalf. Additional eligibility requirements are that the health insurance plan is purchased on a health exchange. In Illinois, the health exchange is run by the federal government.

Illinois Historic Preservation Tax Credit Program

Are you rehabilitating or fixing up an older building for your business? If so, you may be able to get the state of Illinois to pay for part of it.

The Illinois Historic Preservation Tax Credit Program provides a state income-tax credit equal to 25% of a project’s qualified expenditures to owners of certified historic structures located within River Edge Redevelopment Zones (Aurora, East St. Louis, Elgin, Peoria & Rockford) who undertake certified rehabilitation during the taxable year. The Program runs from January 1, 2012 to December 31, 2016.

SHAMROCK vCFO Services in Naperville, IL specializes in helping small and medium size businesses with strategy, taxes, accounting, and financial performance management. Steve Shamrock left big companies to help smaller ones energize the economy.