If you own an S corporation, my latest article contains news that should put a smile on your face, you see… The IRS has just ruled that S corporation owners are safe from Obamacare penalties through 2015! That’s right. You can now deduct your health insurance premiums without facing the Affordable Care Act’s $100-per-day penalty. That’s a big relief. We’ve been waiting for … [Read more...]
Medical (for 105 plans see Section 105 medical plan)
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IRS Axes 2014 Obamacare Penalties, Amend the W-2s
There’s good news from the IRS! You read that right. As you’ll learn when you read my new article, Uncle Sam has some very good news for you… If you didn’t comply with Obamacare rules in 2014, the IRS likely gave you a big out of those severe $100-a-day penalties! If you did comply with Obamacare rules, you may have overtaxed your employees and, thanks to the new IRS … [Read more...]
How to beat the “discrimination tax” on HSA contributions
Health savings accounts (HSAs) are wonderful for several reasons… They let you contribute to the healthcare costs of your employees without facing Affordable Care Act (Obamacare) problems… there are no minimums to pay… and there’s no insurance to deal with. All you do is make contributions and get a deduction, and your employees get the income as a tax-free fringe benefit. … [Read more...]
Deduct your swimming pool (and more!) as medical expenses
When it comes to claiming legal tax deductions, your accountant can be your best friend. But your doctor can be a great pal too if he or she suggests you buy certain equipment for your health. That’s right… A swimming pool, ergonomic chair, elevator, and lots more can all be tax deductable if your doctor says you need them! Want to find out more about how to take advantage … [Read more...]
How to get your Section 125 plan up and running
It’s a fact… Setting up a tax-advantaged Section 125 plan is a great way to provide health insurance for both you and your employees. There many great reasons for this. Here are just two: A Section 125 plan makes your business more competitive by attracting and retaining the best employees. You save payroll taxes on every tax-free dollar your employees pay for premiums. … [Read more...]