Health insurance deduction for S corp shareholdersdoi:10.1002/jcaf.20408Shirley Dennis-EscoffierUniversity of MiamiJournal of Corporate Accounting & Finance
Missing self-employment tax deductions:If you, as the business owner, pay health insurance premiums for your family, you can claim it as a deduction on your personal tax return. You may also be eligible for thehome office deductionif you operate out of the home (in an area exclusively used...
(FUTA) taxes if the payments of premiums are made to or on behalf of an employee - The bottom line is that in order for a shareholder to claim an above-the-line deduction, the health insurance premiums must ultimately be paid by the S corporation and must be...
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The health insurance premium is a company expense and a payroll liability. To track this, all you have to do is to create an account for the insurance premiums. Generally, this is an Other Current Asset account. Here's how: From the Company menu, ...
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The meaning of DEDUCE is to determine by reasoning or deduction; specifically, philosophy : to infer from a general principle. How to use deduce in a sentence. Synonym Discussion of Deduce. Frequently Asked Questions About deduce.
S-Corp owners must pay taxes on benefits like health insurance, disability insurance, automobile reimbursements, and medical, drug, or dental plan reimbursements. An LLC can make the S-Corporation tax election by: Applying for an EIN from the IRS, Filing a Form 2553 within 75 days of the ...
You need to follow the rules that the IRS has laid down regarding calculating your own retirement plan contribution and deduction. 4. Health insurance tax deductions It’s possible to claim the health insurance you pay as a tax write-off. The amounts that you pay on behalf of your ...
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