If you’re a bit dizzy because of all the changes related to health-care reform, rest assured that you’re not alone. As small business owners, many of us will be impacted by the recently passed health-care reform legislation, and the Small Business Health Care Tax Credit is of particular importance because it may help ease the financial burden of providing health insurance coverage to your employees.
Since the IRS released guidance on the tax credit, we’ve been using various communications vehicles, such as the AVMA Advocate, our Executive Resource Center and the JAVMA News Bulletin, to get the word out so that those members who own practices can determine if they are eligible for the new tax credit and how large a credit they’ll receive.
For eligible practice owners who currently offer their employees health insurance, or for those who are thinking about offering health insurance, the tax credit could really help your bottom line. According to the most recent data available through our 2009 AVMA Report on Veterinary Compensation, a majority of practice owners and associates already receive health insurance, but many practice owners still do not offer the benefit. Now’s the time to educate yourself about the overall plan and the tax credit so you’ll be better prepared for what lies ahead.