Small Business Health Care Reform Guide and Tax Credit Calculators Now Available

ErinDaltonThis site provides a guide and tax credit calculator which should be helpful in navigating upcoming changes for business owners.

Erin Dalton

With the 2014 deadline looming for full implementation of the Affordable Care Act, you likely have many questions about how the ACA will affect you, your business and your employees. Health Care Reform Connect™ was introduced last year to help you navigate the complexities of health care implementation – by offering online resources and tools, articles, webinars and our Member Health Care HelpLine. Now, you can download our free Small Business Health Care Reform guide by making a request at this link http://michbusiness.org/procs/requests/small-business-guide. This concise publication summarizes the major provisions, examines the impact on Michigan business, explains the concept of exchanges, offers suggestions about talking to employees and provides information about additional resources.

New feature for Members – an online Health Care Tax Credit Estimator. Wondering whether your business will be eligible for a tax credit under the ACA? Simply log on to our website to see this new online tool at http://michbusiness.org/procs/business-knowledge/healthcare-reform-connect/calculators. Enter the number of your full-time and part-time employees, the total wages your company pays to employees, how much your firm pays as a contribution toward employee health care and it will calculate an estimated tax credit. For tax years 2010 through 2013, the maximum tax credit is 35 percent for small business employers and up to 25 percent for small tax exempt employers. The tax credit estimator will not estimate tax credits for tax exempt employers.
And don’t forget to visit the Compliance Tools section to see our comprehensive year-by-year timeline for health care reform and complimentary Section 125 Plans and Summary Plan Descriptions (SPD) documents for all Association members. The Section 125 and SPD documents now reflect all the Health Care Reform Law changes as of January 2013.

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