A Helping Hand for Small Business

ByNC SBTDC

A Helping Hand for Small Business

Everyone else is doing it, so I did too!

While this sounds like a child’s excuse to a question from a concerned parent, in this case it’s not. It’s simply a way to make a point. Tens of thousands of small businesses are taking advantage of the lucrative small business healthcare tax credit. But unfortunately tens of thousands are not. And that’s like leaving money on the table—in some cases thousands of dollars a year.

In today’s post, we want to show you how a wide range of companies from all across the nation are benefitting from the credit. A quick Google search turned up examples recorded on websites like Crain’s Chicago Business, CNNMoney and Healthcare.gov.

  • Nan Warshaw, co-owner of Bloodshot Records, an independent record label in Chicago, IL, saved $6,000 in 2010. (Crain’s Chicago Business, 2012)
  • Louisa McQueeney, general manager and chief financial officer of a small, family-owned gift and food shipping company with 4 employees in Palm Beach, FL received $7,400 in 2011. (HealthCare.gov, 2012)
  • Virginia Donohue of Pet Camp in San Francisco, CA offers health insurance to her 19 workers and qualified for a credit of $7,000 in 2010 and close to $8,000 in 2011. (HealthCare.gov, 2012)
  • Proving that non-profit organizations can also take advantage of the credit, the Masonic Shriners International of Orlando, FL received a credit of $3,500 in 2011. (CNNMoney, 2012)

The tax savings are out there, and in many cases they’re significant. Don’t pay more than you have to… consult your tax professional to determine if you’re eligible!

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