I find it interesting that Entrepenurers in general seem to have the idea they have to be an expert in every part of their business; from how to clean the copier, to how to obtain a new client, to producing the product. It is true that you must know and understand your product better than anyone else; I mean that is why you got into business in the first place. If you run a restaurant, but have never set foot in the kitchen you will be at the mercy of your cooks and dishwashers. I don’t know any dog groomers who don’t love dogs or mechanics that are afraid to get grease on their hands.
I am seeing the same thing happen with the new ObamaCare legislation. I do ObamaCare Mitigation – that means I find ways you can save money and taxes while still complying with the law. I don’t do insurance at all, though I have lots of resources and people who do deal with the insurance part of ObamaCare. I also don’t know how to heal the sick, but I do know several medical professionals who I highly recommend because they know how to treat what ails you.
As I do not know which insurance policy covers what you need covered, most insurance agents don’t understand how the tax penalties and payment subsidy’s work. Did you realize that unless your employer has over 50 full time employees (with the exception of fast food businesses) they do not get penalized for not supplying health insurance? Did you know that your employer cannot cut every one’s schedule down to part time and hire more part time workers? The penalties are based not on the number of employees working part time but on the total number of hours worked, if your employer has the equivalent of 50 full time employees, they are still subject to penalties for not supplying health care.
That does not mean that employers are obligated to purchase health insurance for all their employees, they can instead choose to pay the penalty instead; which in some cases costs significantly less than providing health insurance for their employees.
Nobody wants to go without health insurance, and most people think the new “individual mandate” forces them to purchase health insurance. That is not the case. Just as your employer can choose to pay the penalty so can you. It is not ideal to go without health insurance, but paying the penalty is often cheaper than buying the insurance – don’t let the politicians fool you into thinking otherwise. You also need to realize that your choice of receiving the subsidy for health insurance can in some cases cause your employer to pay a penalty even if they otherwise would not be subject to the penalty.
We have a video available for you on different ways to decrease the burden of ObamaCare on your business and on your personal taxes. It is normally $10 but if you put a question in the comment section and share this on your Facebook page we will send you a code to get it for free.