Here’s good news for small businesses! Starting on January 1, 2017, you can establish a new “Qualified Small-employer Health Reimbursement Arrangement” (QSEHRA). The QSEHRA was created to help small-business owners help their employees pay for their health insurance and other medical costs. And without worries about the per-employee, $100-per-day penalty. (That’s $36,500 … [Read more...]
Medical (for 105 plans see Section 105 medical plan)
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New law erases $100-per-day penalty!
Are you one of those small-business owners who stopped reimbursing (or paying for) your employees individually-purchased health insurance? Did you simply add the cost of that insurance to your employees W-2s? If you did, you were out of compliance with the Affordable Care Act and were subject to a $100-per-day penalty of up to $36,500 per-employee, per-year. Well, here’s … [Read more...]
Deduct the cost of “emotional support” animals
Coping with depression, anxiety, or other mental conditions can be difficult indeed. Often, an emotional support animal can provide important comfort and assistance. The IRS recognizes this. So if you qualify, you can deduct the cost, training, and maintenance of your companion animal. Want to get all the details? Read my new article titled Tax Tips: Can Your Emotional … [Read more...]
2016 health insurance for S corporation owners
A little history… For 2014 and 2015, the IRS let S corporations escape the $100-a-day penalties on select corporate payments of health insurance (for owners with a more than two percent ownership interest). But what about 2016? I’ll tell you exactly what you need to do with your S-corporation to make sure you keep your health insurance deductions and avoid penalties for … [Read more...]
Triple Tax Advantages: Reimburse Your Employee-Spouse for Health Insurance
It’s a fact. If you’re a Schedule C business-owner, you and your spouse must get health insurance for yourselves (and other dependents) or face a hefty penalty. The good news is that a properly-established proprietorship reimbursement arrangement can provide three big tax advantages for you and your spouse. Want to learn how to become a trifecta tax winner? Read my … [Read more...]