OPEN’s finance expert Mike Periu shows you a Obamacare tax break.
The Affordable Care Act—also known as “Obamacare”—carries a provision that allows qualifying small businesses to take up to a $50,000 tax credit to offset the cost of health insurance premiums. According to the Government Accountability Office (GAO) approximately 4 million small businesses qualify for the credit but only 170,400 have requested it. Part of the problem is the complexity of calculating the credit properly, something that scares off many small-business owners. For tax years 2010 through 2013, the maximum credit is 35 percent of health insurance premiums paid. For 2014 and 2105 the credit increases to 50 percent but requires that companies participate in a Health Insurance Exchange.
About small business finance expert Mike Periu
Mike Periu has experience in small business finance. He founded Proximo, LLC a company that offers consumer and small business training services focused on technology and money.
Mike Periu teaches individual empowerment through entrepreneurship and financial literacy. He has appeared 500+ times on television and radio. Visit the Reach and Media pages of his website to learn more about where he has appeared.
You can read more of Mike’s articles on his blog or at American Express OpenForum, Yahoo! Finanzas and the Huffington Post.
Mike has a degree in International Business and Finance which he received at Georgetown University in Washington, DC. He received a Fellowship from the Kauffman Foundation for the Labs for Enterprise Creation program in Kansas City.
