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Healthcare Reform and How it will Affect You and Your Business,[object Object],Now for the hot topic –,[object Object],Everyone is concerned about how ,[object Object],The Healthcare Reform  legislation ,[object Object],Will affect you.,[object Object],We are presenting the information ,[object Object],as it stands today. But it will most,[object Object],certainly change…..,[object Object],Jon Chester,[object Object],President and Partner,[object Object],Sterling’s Bookkeeping & Tax Service,[object Object],Maximum Efficiencies • Maximum Gains,[object Object]
Healthcare Reform Credits for Small Business,[object Object],The recent health care reform legislation included a new health care tax credit for certain small businesses that provide health insurance to their employees. ,[object Object],The credit is available to small companies and tax-exempt organizations for the years of 2010 - 2013. Companies with 25 or fewer full-time employees with an average wage of $50,000 or less, and the company pays a minimum of 50% of their employees coverage are eligible.  The credit is  phased out based on size and salaries of the company.  Companies with 10 or fewer employees with an average wage of $25,000 will receive the highest credit of 35% of premiums paid.  This credit increases to 50% in 2014.,[object Object],Note: The credit is claimed on the business tax return NOT the employment tax returns,[object Object]
If an owner of a business also provides services to it, does the owner count as an employee?,[object Object],Generally NO!,[object Object],A sole proprietor, a partner in a partnership, a shareholder owning more than two percent of an S corporation, and any owner of more than five percent of other businesses are not considered employees for purposes of the credit.,[object Object],However, it is advised you speak to your accountant.,[object Object],www.irs.gov/newsroom/article/0,,id=220839,00.html,[object Object]
2010 – Healthcare Reform,[object Object],Indoor Tanning Businesses will have a new tax of 10% imposed as of July 1, 2010.,[object Object]
2011 – Healthcare Reform,[object Object],[object Object], ,[object Object],[object Object], ,[object Object],[object Object],[object Object]
A new unearned (Passive) Income Medicare tax of 3.8% for individuals earning over $200,000 or couples over $250,000 will be imposed. ,[object Object],[object Object]
Primary care doctors would get a Medicaid payment boost in the reconciliation bill. Beginning in 2013 and 2014, the doctors' payment rates would be on par with Medicare rates, which typically are about 20 percent higher than Medicaid.,[object Object]
2014 – Healthcare Reform,[object Object],[object Object]
Americans without insurance would face an annual penalty, starting in 2014 at $95 and increasing in later years. Those without insurance in 2016, for example, would pay the greater of two alternatives: a flat fee of $695, or 2.5 percent of their adjusted gross income.
States will be required to open Small business Health Options programs allowing a pool to reduce premium costs to be on par with large businesses,[object Object]

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Healthcare Reform And How It Will Affect You June 2010

  • 1.
  • 2.
  • 3.
  • 4.
  • 5.
  • 6.
  • 7.
  • 8.
  • 9. Americans without insurance would face an annual penalty, starting in 2014 at $95 and increasing in later years. Those without insurance in 2016, for example, would pay the greater of two alternatives: a flat fee of $695, or 2.5 percent of their adjusted gross income.
  • 10.
  • 11.

Notas del editor

  1. Note: if your businesses purchases were over $800,000, then your depreciation decreased proportionally.