Thursday, September 26, 2013
The deadline to file 2012 income tax has come and gone. The next big tax issue comes in six months when millions of Americans will enroll in health insurance plans like never before. They will be enrolling either through a state-run, partnership or federal exchange, now called the Health Insurance Marketplace.
Because South Carolina opted out setting up an exchange, South Carolinians will enroll through the federal exchange at Healthcare.gov. The first step will be an income eligibility check with the IRS and according to the April 3 Families USA Report, most South Carolinians who will be eligible for tax credits to buy health insurance are working families.
New options for small businesses
Small business owners will finally have more options for insuring their employees. The SHOP (Small Business Health Options Program) will feature health plan choices and information on how to receive tax credits for offering health insurance. The tax credits will be for businesses with less than 25 full-time employees.