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2023 Health Insurance for S Corporation Owners: An Update

This article on 2023 Health Insurance for S Corporation Owners: An Update provides you with the information you need to make informed decisions on how to handle S corporation health insurance. The article covers the rules for getting health insurance costs on your S corporation’s books, including how to claim the health insurance deduction on

Actived: 5 days ago

URL: https://blog.bradfordtaxinstitute.com/2023-health-insurance-for-s-corporation-owners-an-update/

No FICA On Health Insurance for the More-Than-2% Shareholder …

WebFor the S corporation more-than-2% shareholder employee to have a chance to deduct his or her cost of health insurance, the S corporation has to do one of two …

Category: Health Go Health

How your S corporation can avoid Obamacare penalties

WebWatch out! The Affordable Care Act (Obamacare) assesses nasty penalties if your business pays the individual insurance-premiums of your employees.

Category: Health Go Health

S corp. health insurance premiums and “reasonable compensation”

WebIf your S corporation pays or reimburses your health insurance premiums and you qualify to deduct the insurance as self-employed health insurance, that income …

Category: Health Go Health

S corporation owners! Deduct all your health insurance premiums

WebWe’ll explain the three important steps you have to follow. It’s very important for you to know who should pay for your premiums, what needs to be reported on your W …

Category: Health Go Health

How to beat the “discrimination tax” on HSA contributions

WebThe general rule is that employers must make “comparable” contributions to all employees who have a high-deductible health plan (HDHP). Employees are not …

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ICHRA: Game Changer for Small-Business Health Benefits

WebWith an ICHRA, a business can reimburse individually purchased health insurance without triggering the $100-a-day-per-employee penalty. Overview of the …

Category: Health Go Health

Unlock Your Financial Future: Why IRAs Are a Must for Young Adults

WebThe clock is ticking to make your IRA contribution for the 2023 tax year. Don’t miss the April 15, 2024, cutoff to enhance your savings potential. Maximize contributions. Learn how to …

Category: Health Go Health

How to Reimburse Medicare When You Have Fewer than 20 …

WebDo you structure your business as a sole-proprietor, partnership, S or C corporation? Do you have fewer than twenty employees? Then our new article makes …

Category: Health Go Health

Answers to Five Questions about Section 105-HRA Medical Plans

WebDo you qualify to put a 105-HRA medical plan in place? If you do, or if you’re just thinking about it, you may be making a very smart move. You see, with a Section …

Category: Medical Go Health

QBI and Self-Employment Tax Savings for S Corp. as a Partner

WebWith the right S corporation strategy, you can save money on self-employment taxes. This applies to the allowable S corporation pass-through income to …

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Q&A: 100% Deduction for Long-Term Care Insurance with 105-HRA

WebWe’ll explain who can’t deduct health insurance using the employee-spouse 105-HRA. If you have insurance paid for by an employer, former employer, or through a pre-tax plan, …

Category: Health Go Health

Create an employee-spouse “105-HRA”

WebThe first step is to have just one employee (your spouse!). The second step is to operate your business in one of five forms. We’ll tell you what they are when you read the full …

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Pay the PCORI Fee If You Have a 105-HRA, QSEHRA, or ICHRA

WebEvery year, you the plan sponsor must file IRS Form 720 and pay a Patient-Centered Outcomes Research Institute (PCORI) fee. Here’s the story: The fee is due by …

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How to Calculate and Improve Your QBI from a Partnership

WebSue is taxed on partnership income that comes to her in the form of guaranteed payments and profit distributions. Profit distributions are QBI. Guaranteed …

Category: Health Go Health

When to claim your garage as home-office space

WebWe’ll tell you when you can’t count your garage space. To make this point clear, we quote from IRS Publication 587. It provides an example of how to appropriately …

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Warning: Your “personal home” is not your “tax home”

WebIf you or you and your spouse own the business and you are looking for tax benefits, learn how we can help you keep more of hard-earned money and give less to the IRS. Learn …

Category: Health Go Health

Section 105 Medical Expense Deduction-Plans for Statutory …

WebWhen you create a Section 105 medical plan (as mentioned), you’ll be able to deduct 100-percent of your family’s medical expenses. But that’s not all. You’ll also be …

Category: Medical Go Health

New Laws—COVID-19-Related Government Grants: Taxable or Not

WebHere are three of the eight facts from the full article: Government grants are taxable income to the recipient, unless the tax law makes an exception. COVID-19 …

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Deduct your swimming pool (and more!) as medical expenses

WebThree ways our fact-filled article can help you: We’ll tell you why you and your doctor can get along swimmingly. A pool you install for medical reasons could increase your tax …

Category: Medical Go Health

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The medical information found on the MediWells website is designed to support, not to replace the relationship between patient and physician and the medical advice they may provide.