Small Business

Tax Implications of Providing Health Insurance to Employees – 2023 Guide

Offering health insurance to employees brings several tax implications for businesses. Health insurance premiums are tax-deductible, reducing the overall tax burden for businesses. Small businesses can also receive tax credits through the Affordable Care Act. For employees, health insurance premiums are exempt from federal income and payroll taxes, and their medical expenses are tax-deductible under certain conditions. The Affordable Care Act mandates that larger employers provide health coverage to their employees, reducing the taxable income of the employees. Providing health insurance encourages accessible healthcare among employees and reduces the financial burden of high medical costs.

Blanche Palasi25 May 2023

Employer

Why Should I Offer Healthcare Benefits as an Employer?

Employer-sponsored health coverage is essential for recruiting and retaining a company’s employees. An excellent benefits package that includes health coverage is extremely important for employee retention because it shows employees that their work is invested in their overall health and future. Additionally, a great benefits package means reduced healthcare costs for the workplace and can attract talent.

Kendra Bean23 Aug 2022

Employer

Why Are My Employees Calling Out Sick?

Coming into the workplace when you are sick, injured, or otherwise unwell is called presenteeism. Presenteeism is the number one cause of loss of productivity in the workplace. In fact, the cost of presenteeism is estimated to be 150 billion dollars per year in the United States - a value far higher than the cost of absenteeism.

Dvora Kluwgant, MD13 Apr 2022

Employer

Why Do Employees Pass Over Healthcare Offerings?

If your employees are choosing to opt-out on your group plan, it may be for various reasons, including cost, benefit preferences, and the provider network offered. Around 46 percent of Americans stated that it was a deciding factor when accepting the offer to their current position.

Talor Bianchini23 Aug 2022

Health Insurance

Best Health Insurance Options for Part-Time Employees in 2021

The best health insurance options for part-time employees include HRAs, Concierge Medicine, and Care Memberships.

Ashley Brooks23 Aug 2022

Employer

How Much Does it Cost To Offer Employees Health Insurance?

The average annual costs for employers to offer employees health insurance are $6,227 for single coverage and $15,754 for family coverage.

Madeline Hlobik8 Feb 2022

Insights

Best Health Insurance for Small Businesses in 2021

If you are looking to navigate the health insurance market for your emerging small business, look no further. This is your ultimate guide for understanding health insurance nuances, special considerations, and affordable options and alternatives for your business.

Ashley Brooks23 Aug 2022

Tips

What's an Applicant Tracking System?

If your business is planning on hiring full or part-time employees, using an applicant tracking system will help you find the best candidates for your hiring position. In addition to tracking applicants and sort candidates, you will likely also want to be able to attract the best candidates for the job so that the tracking system will be worthwhile.

Gavin Oxley4 Aug 2021

Tips

What Are The Best Employee Benefits Small Businesses Can Offer?

The best employee perks for small businesses are typically creative because you don’t have the same amount of money to throw around as larger corporations. Instead, it’s important to appeal to the emotional or non-financial desires of your employees. This means giving extra time off, providing local perks, or offering affordable health coverage. In this article, we will share the 10 best employee perks that could help you attract and retain top talent.

Jeff White8 Oct 2021

Tips

How to Create a Wellness Program for Your Small Business

Corporate wellness programs have been found to improve employee health, productivity, employee retention, lower health insurance costs, and more.

Ashley Brooks23 Aug 2022

Employer

How To Do Payroll in Texas for Small Businesses in 5 Steps

Trying to calculate payroll for your small business can be confusing and time-consuming, especially when you’re new to doing business. While Texas is a large state, Texas has just a few payroll taxes to account for, but following federal and state guidelines is imperative to a successful payroll run. In this article, we explain the steps you need to go through when setting up and running payroll in the state of Texas.

Ashley Brooks23 Aug 2022

Employer

Restaurant Tip Pooling Laws & How to Manage

Tip pooling is a common practice in restaurants where all tips from customers are collected to form a “pool” and then divided among employees at the end of the shift. Managers have control of how this operates in their establishment, but some states have differentiating tip pooling laws. In this article, we cover how it works and the most common laws.

Alexis Bryan23 Aug 2022