| . |
|
SMALL BUSINESS : Health Care Reform and Small BusinessThe sweeping health care bill passed by the House of Rep. Sunday and promises a sea change in the way that small business owners purchase and provide health insurance for themselves and their employees. But many of the provisions won't kick in until 2014 - and the final rules could still be changed by amendments that will now be considered by the Senate. For small businesses, the effects of the now-passed health reform law include: Small Business Health Care Reform Effect 1) By no later than 2014, states will have to set up Small Business Health Options Programs, or " SHOP Exchanges, " where small businesses will be able to pool together to buy insurance. ("Small businesses" are defined as those with no more than 100 employees, though states have the option of limiting pools to companies with 50 or fewer employees through 2016; companies that grow beyond the size limit will also be grandfathered in.) The Congressional Budget Office has estimated that the exchanges would ease small business insurance costs, albeit only marginally: premiums in the small-group market are forecast to fall between 1% and 4% under the exchanges, while the amount of coverage would rise by up to 3%. Small Business Health Care Reform Effect 2) For the next four years, until the SHOP Exchanges are set up, businesses with 10 or fewer full-time-equivalent employees earning less than $25,000 a year on average will be eligible for a tax credit of 35% of health insurance costs. (Companies with between 11 and 25 workers and an average wage of up to $50,000 are eligible for partial credits.) The tax credit will remain in place, increasing to 50% of costs, for the first two years a company buys insurance through its state exchange. The Congressional Budget Office predicts that the tax credit will affect about 12% of individuals covered via the small-group insurance market, lowering their cost of insurance by between 8% and 11%. Small Business Health Care Reform Effect 3) Insurers will no longer be able to set rates or exclude coverage based on pre-existing conditions, and can vary premiums only by geographic location, age, and tobacco use. These restrictions, however, would not kick in until 2014. Going into effect immediately: a ban on lifetime limits on coverage, and on " rescission " (canceling policies already issued) except in cases of fraud. Small Business Health Care Reform Effect 4) Starting in 2014, businesses with more than 50 employees will be required to either offer healthcare coverage or pay a penalty of $750 a year per full-time worker. The coverage offered will also have to meet minimum benefits -- covering both a specific set of services and 60% of employee health costs overall -- or else employers will face additional penalties. Small Business Health Care Reform Effect 5) So-called "Cadillac" plans costing more than $10,200 a year for individuals or $27,500 for family coverage (not counting dental and vision plans) will be subject to a 40% tax on the portion of the cost that exceeds the limit. Though the tax would actually be paid by insurers, it's expected that it would be passed along to plan holders in the form of higher premiums. Furthermore, if the House amendments approved Sunday pass the Senate intact under the reconciliation process, some other small business provisions will change: Small Business Health Care Reform Effect 6) Part-time employees would be counted toward the 50-employee minimum on pro-rated basis based on hours worked, bringing more small businesses into the group required to provide coverage. Small Business Health Care Reform Effect 7) The $750-per-employee penalty for not providing insurance would rise to $2,000. Small Business Health Care Reform Effect 8) The Cadillac tax would be delayed until 2018 and apply only to the most expensive plans, making it more of a "Maserati" tax, in the words of Kaiser Health News. Small Business Health Care Reform Effect 9) Individuals earning more than $200,000 a year, or couples earning $250,000 or more, would be hit with a 3.8% surcharge on investment income to help pay for the bill. source: http://money.cnn.com/2010/03/22/smallbusiness/small_business_health_reform/ Information to pick the best Small Business Credit CardFinding the best small business credit card means doing a little information research. For entrepreneurs seeking a small business credit card, the shopping list includes more than just APRs and airline miles...Starting a Small Business IdeaYou have thought out an angle for starting a small business idea that is going to revolutionize the industry. Are you willing...Good Small Business PracticesGood small business practices require good business etiquette. To succeed in starting a small business, it's not enough to be the first, the best, or the most competitive...Ergonomics and Modern Workspace DesignToday, few small businesses need concern themselves with a lot of hard labor, but workers are breaking their backs at a whole new kind of grind, spending up to fourteen hours...Small Business LoansSooner or later most small businesses need to get a small business loan, whether to get the operating capital for business startup or to finance an expansion. But whether...American Small BusinessesEven today, the American economy is by no means dominated by giant corporations. Fully 99 percent of all independent small businesses in the country employ...Other Related Articles: How to Look for a Small Business PartnerBelow are some ways on how to look for a small business partner to increase cash flow for your small business in a recession. Business partners are a good idea...Recession Resources for Small BusinessIn addition to the Clinton Foundation’s entrepreneurship program, there are plenty of other free recession resources out there for small business owners...Phone System Service Solution for Small BusinessWith such an assortment of phone system services on the market, small business owners need help cutting through the clutter so that they can figure out the best solution for their business...Rewards for Small Business EmployeesIt's not news that small businesses around the country are struggling financially. Millions of businesses can't afford to give their employees raises or bonuses. But that doesn’t mean you can’t show those employees that you care and appreciate their services...How to Cut Small Businesses TaxesIf you want to cut your small business taxes, you need to do some planning well ahead of tax season...Small Business Recession Marketing April 20, 2010There is one thing small businesses can do to take control of their future in a recession, and that is to increase their marketing efforts. Spend money on marketing because that is...Tax Hikes for Small Business Coming April 17, 2010High earning Americans and very profitable small businesses will soon see their taxes increase. With the passage of the health care reform bill and the ...Health Care Reform and Small Business March 22, 2010The sweeping health care bill passed by the House of Rep. Sunday and promises a sea change in the way that small business owners purchase and provide health insurance ...Avoid Fraud Charges in Small Business Feb 17, 2010Fraud credit card charges in small business is a big concern with Merchants especially online credit card fraud and it is rising at a significant rate. ...Business People Weigh Credit Card Options Feb 11, 2010Small business people who rely on their company's credit card to purchase big ticket items or finance day-to-day operations won't see any benefits from this ...Legal Pitfalls for Small Business Owners Jan 21, 2010Small business owners often don't think about legal issues until they actually get hit with a lawsuit or decide to sue someone. Unfortunately, costly cour ...Bartering in Small Business can Help Jan 20, 2010When Carrie Kerpen (of Buzz Marketing) was looking to get her small marketing business off the ground, she knew she had to build one thing: credibility. ...Sales Meeting to Introduce your Product or Services Jan 18, 2010The goal of your sales meeting should be to deliver a powerful message for the face-to-face and online audience, and make it accessible to as many people ...Tax secret for small businesses Jan 14, 2010For 2 years, Dr. James Smouse tried to convince his younger business partners to participate in a cash balance pension plan, a unique defined-benefit plan that offers small business owners the opportunity to make hefty, tax ...Advice: Retirement Plan for your Small Business Dec 23, 2009Key Elements to Selecting a Retirement Plan Company for your small Business. Make sure the retirement plan company understands what services they need to provide your company. ...Six Tips for Handing Down the Family Business Dec 11, 2009For many small business owners who plan to pass the family company onto heirs, a big part of retirement planning is succession planning. ...Small Business Customer Satisfaction Dec 9, 2009Most of this business research is intended to help small businesses understand their customer base and increase customer satisfaction and drive sale ...Free valuable tips for small business Oct 21, 2009So a small business advertising agency turned to its board of six volunteer advisers in areas such as sales, marketing, finance, ...Social Networking not working for small business Oct 13, 2009Few Small businesses in the U.S. have adopted social media outlets such as Facebook and Twitter for business uses, according to research ...Blue Cross debuts low cost small business plan July 29, 2009Blue Cross and Blue Shield of Minnesota believes it has a cure for small businesses struggling to pay health-insurance premiums ...Small Business Strategies for the Summer June 3, 2009Summer time is a time for picnics and pools, seaside and sunshine. But for many small businesses, summer means fewer people calling, ...Investing in Small Business is Important May 1, 2009Americans understand how important small business entrepreneurs are to our country according to two recent polls. ...Making a Home Office Work with your Small Business at Home Apr. 19, 2009Whether you want to start a small business at home, becoming an independent contractor or telecommuting from your home office part time ...Starting a Small Business in a Down Economy Apr. 16, 2009In early 2002, Jim and Janeen Miller retired early from their jobs and was starting a business selling quilting supplies and sewing machines. ...Tax Basics for Small Business Owners April 8, 2009Business taxes are one of the most important issues facing small business owners. And like a company's profits, its annual tax bill will in part reflect the ... |
. |
