Some telemedicine companies are saying that a tax credit under the Affordable Care Act may apply for small businesses who use telemedicine. The tax credit meant to help millions of small businesses afford health coverage for their employees was claimed by only 170,300 last year. A Government Accountability Office report from May 2012 highlighted the lack of uptake for the tax credit by small businesses. Between 1.4 million and 4 million small businesses were eligible for the tax credit. The credit is worth up to 35% of a small business’s premium costs and increases to 50% in 2014. Telemedicine, increasingly covered under traditional health plans, may be eligible for the tax credit for small businesses with less than 25 employees who make less than $50,000 per year. Consult with a tax advisor to see if their telemedicine plans apply under the new tax credit. ===> Read More
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