Small business is booming. In recent years access to credit and hiring capabilities have improved. While trends are not as strong yet as they were in 2014, the first positive trend for this year happened in March. There are many reasons why this might be, but a lot of people are worried about the effect of the Affordable Care Act when considering hiring more staff.
Businesses need to figure out where their employees fall when it comes to providing coverage. Small businesses employing over 99 people are required this year ( last year it was mandatory) to file forms at the end of the year and smaller business sizing between 50-99 employees still have until 2016. Most healthcare costs for businesses have gone up over the past year and that means hesitation when looking to hire that 50th person.
While there are ways to decrease liability, such as hour cuts, this change in health care structure is making sweeping changes in the small business arena. Know what category your business falls in and prepare for the upcoming changes. While it’s not mandatory until next year for businesses with less than 50 employees, doing a practice run for healthcare expenses this year could be to your benefit.
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