Should you operate your business as a corporation, proprietorship, or single-member LLC? In my new article, the second in a series, I’ll explain the advantages and disadvantages of the single-member LLC. This form of business organization provides corporate-level liability protection for the business owner plus taxation as a sole proprietorship. Want to find out more? Check … [Read more...]
Medical (for 105 plans see Section 105 medical plan)
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The IRS admits it got it wrong
Nobody’s perfect. Including (as if you didn’t know) the IRS. But when they make a mistake, the IRS admits it and this can be very good news for you. You see, in the past, the IRS said that after December 31, 2008, single-member LLCs were subject to corporate payroll tax treatment. Now the IRS and the Treasury Department admit that they did not intend to eliminate the … [Read more...]
Save big on S corporation health care coverage
I’ve got some bad news and some good news… The bad news: Tax law makes it hard for owners of S corporations to win deductions for their health insurance. The good news: If you know what you’re doing, your S corporation can structure its health care coverage so that you get to keep more money in your pocket. Want to find out how? Check out my new article titled Tax … [Read more...]
How to add deductions to your HSA?
Why is the Health Savings Account (HSA) so popular? Because, as you may know, it’s a great way for you to claim a tax deduction for the money you put into your HSA without itemizing deductions. What’s more, that money grows tax deferred inside the HSA. What you may not know is that you can add a Section 105 Plan, FSA, or HRA on top of your HSA if you understand the tax law. … [Read more...]
For your HSA, buy high-deductible insurance
As I hope you know, the tax-favored Health Savings Account (HSA) can be a real money-saver. But you have to know how to get the most from it. For example, you can purchase high-deductible health insurance that can dramatically increase your HSA benefits. Want to learn how? Read our brand new article titled Tax Tips for the HSA: Buying High-Deductible Insurance. Three ways our … [Read more...]