These days, many prospective employees interviewing at multiple companies want to see that insurance benefits are part of the employment package. If you are an employer at a nonprofit organization, purchasing group nonprofit insurance can help your organization attract and retain employees. Fortunately, there is a tax credit available to some nonprofit organizations that helps pay for employee health insurance. Read on to find out if your nonprofit qualifies for the Small Business Insurance Tax Credit.
If your tax-exempt nonprofit organization has fewer than 25 full-time employees, pays average annual wages of less than $50,000 to employees, and pays at least half of the cost of health insurance for employees, then it may be eligible for the tax credit. Nonprofits with 10 or fewer employees as well as an average annual wage of less than $25,000 may qualify for the credit too. To learn more about general insurance, group health insurance for nonprofits, and tax credits, contact Gross & Company today.