Health Insurance Calculator Helps Determine Tax Credits
Figuring out whether your company qualifies for the new health insurance small- business tax credits is not as easy as you might think. However, it might be worth the effort.
Aetna recently launched a small-business “tax credit calculator” that allows business owners to enter their specific business information and find out if and how much of a credit they qualify for.
Under the Affordable Care Act , small businesses can qualify for a tax credit that can help them offer health care coverage for the first time or enable them to maintain the coverage they have. While they must work with the IRS to determine if they are eligible for the tax credit, this tool can help small-business owners estimate the available tax credits within minutes.
You will need to provide the following information:
- The number of full-time equivalent employees
- Total annual wages
- Total employer premiums
- Whether or not your business is a tax-exempt organization
“We want to make it easy for small businesses to find out if they are eligible for these tax credits,” said Dale Cook, head of Aetna Small Group. “By helping small- business owners understand the cost of health benefits, we can help them choose the right health plan for their business and their employees.”
The tax credit calculator page includes general standards that small businesses must meet to qualify for the tax credits, as well as additional resources and documents from the IRS that small-business owners can use to learn more about these tax credits. According to Cook, this page has been the most popular on the Aetna Avenue website for small businesses since its recent launch.
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