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The Small Employer Health Insurance Tax Credit

Mark E. Battersby February 2014 issue of Skin Inc. magazine
The Small Employer Health Insurance Tax Credit

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For many professional skin care facility owners, offering health insurance is critical to attracting the kind of team members needed to succeed. Fortunately, whether the skin care facility presently offers health insurance or is merely considering offering it, there is a sliver of silver lining in the form of a unique, often-overlooked tax credit for small employers.

Created as part of the Affordable Care Act (ACA), otherwise known as the controversial Obamacare, the Small Employer Health Insurance Tax Credit is already benefiting businesses with 25 or fewer employees. A skin care business that provides health care coverage is eligible for this credit if, for the tax year, they have 25 or fewer full-time equivalent (FTE) employees who are paid an average annual salary of less than $50,000. The tax credit is higher the lower the average salary is and the fewer FTEs the skin care facility employs. The maximum credit is 35% this year and rises to 50% of the annual premium paid for 2014 and beyond.

Although any qualifying skin care business is eligible to receive the Small Business Health Care Tax Credit, it works on a sliding scale and is specifically targeted for those businesses with low- and moderate-income workers. According to the U.S. Internal Revenue Service’s (IRS) Guidelines, in order to take advantage of this tax credit, small employers must have an arrangement in place through which the skin care business can make a contribution on behalf of each employee who enrolls in a qualified health plan offered by the employer.

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