Qualify for healthcare tax credit
A small-business owner can qualify for a 2014 health care tax credit of 50 percent if the business meets the following criteria:
- The average annual wages are less than $50,000 per person
- The business employs fewer than 25 full-time-equivalent employees
- The business contributes at least 50 percent to the employees' self-only health premiums
- The health insurance is purchased through the Small Business Health Options Program Marketplaces.
This is a federal deduction. TurboTax can help you determine if your business is eligible for any state deductions.