Small business owners are always looking for ways to save money while still providing for their employees, but lots of changes are headed their way through the Health Care Reform efforts of the Affordable Care Act.
Jackie Helton, a certified personal accountant and owner of BookKeeping Express in Tallahassee, says small business owners can expect a change in the way they purchase and provide health insurance for their employees.
"Starting this year, 2010, small businesses may be eligible for a tax credit in an amount up to 35% of the premiums paid toward employee health insurance."
One negative change for small business owners is that all companies - starting in 2012 - will be required to issue 1099 tax forms to any person or corporation that they purchase goods or services in excess of $600.
Another change, taking place in 2014, will require each state to have a Small Business Health Options Program - or SHOP - exchange.
"These SHOPs will provide small businesses the opportunity to obtain health insurance coverage for their employees at lower cost, lower premium, and with more policy choices," said Helton.
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