New Jersey Business Owners Get Relief from Looming Health Care Costs with Health Care Tax Credit

EAST BRUNSWICK, N.J. - Nov. 23, 2015 - PRLog -- United Healthcare has warned that they are planning to pull out of the Obamacare exchanges after 2016. As a result, this will leave approximately 500,000 people without coverage. United Health Care is not the first to flee Obamacare Exchanges. In 2013, Humana, Aetna and Blue Cross decided not to participate in certain states in the Obamacare health insurance exchanges.

It is no surprise that many New Jersey and New York business owners, both small and large, are struggling with the high cost of healthcare.  However, there is positive news, despite the high cost of insuring employees, small business owners can experience some relief with the Small Business Health Care Tax Credit.

“Many small business owners are unaware that they can receive a tax credit if they provide health care coverage to their workers,” according to Pishoy Fahmi, CPA, from P.N.F. Certified Public Accountants & Healthcare Advisors. Some Small Business Health Care Tax Credit eligibility requirements and facts include the following:

• Employers with less than 25 full-time equivalent workers

• Salaries must be less than $50,000

•  Tax-exempt organizations are eligible

• Employers who have claimed credit for previous years are eligible

• Section 521 farmers’ cooperative are eligible

• Maximum credit amount from 35 percent to 50 percent of premiums that are paid for eligible employers and from 25 percent to 35 percent of employer premiums paid for tax exempt eligible small business employers.

Business owners are advised to consult with a certified public accountant for further details on the tax credits available. For more information on how small business owners can save on health care cost, contact PNF Certified Public Accountants & Healthcare Advisors at: (732) 605-1529 or visit at: http://www.pnfcpa.com.

About P.N.F. Certified Public Accountants & Healthcare Advisors

P.N.F. Certified Public Accountants & Healthcare Advisors caters to a variety of businesses. They specialize in an array of services including: accounting, tax, business advisory and auditing services. The company caters to businesses in New Jersey, New York and the surrounding metropolitan area.