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Covered California and Obamacare related questions from consumers, employers and agents are answered by Phil Daigle with the best information available at the time. Archived entries may no longer be accurate as the Covered California and Obamacare knowledge-base is evolving quickly. TO REQUEST A PERSONAL RESPONSE INCLUDE EMAIL ADDRESS.

How to Claim Small Business Tax Credit?

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Question: I am a small employer (two employees) who earn less than 50,000 per year. I am looking into covered ca small business plans. My quotes are coming in at 2500-3500 per mo. I can't afford to pay that amount. They mention possible tax credits to help offset costs. Would the credits reduce my monthly premium, or be assessed at the end of the year?

Answer: You would have to pay the entire monthly premium before earning the credit of up to 50% for two years. You claim the credit on the employer's annual income tax return, with a Form 8941, "Credit for Small Employer Health Insurance Premiums", showing the calculation of the credit.

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