Question:
I’ve owned a small business for a couple of years and recently hired my first employees. I would like to offer them health insurance, but I’m unsure I can afford it. Is it true I can get a credit by offering a health plan for the first time?
Answer:
Possibly. The Small Business Health Care Tax Credit is a credit of up to 50% of your employees’ premium costs if you provide them with a qualified health plan from a Small Business Health Options Program (SHOP) marketplace. One exception to the requirement is if you don’t have a SHOP marketplace plan available in your area. You can only claim the credit for two consecutive years and other rules and restrictions apply.
Question:
My husband insists we should fill out a FAFSA form for my daughter’s upcoming first college year, but I think we make too much to qualify for aid. Should we?
Answer:
Why not? You might be surprised, and you have nothing to lose by filling out a Free Application for Federal Student Aid (FAFSA). Generally, the higher a family’s income, the less available financial aid may become. However, having to pay college tuition for two or more children simultaneously and other circumstances may help parents with higher incomes qualify.