2019 is almost here. But there’s still time to act now and save money on your 2018 taxes. My advice? Take a few minutes to review two retirement and four medical tax-reduction strategies that I’ve provided in my new article. Who knows? You may keep thousands of dollars that belong in your pocket. Not in Uncle Sam’s. But remember. The clock is ticking so act now and read … [Read more...]
Medical (for 105 plans see Section 105 medical plan)
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S corp. health insurance premiums and “reasonable compensation”
If you’re running your business as an S corporation you know you have to pay yourself what the IRS considers to be “reasonable compensation.” But what about your health insurance premiums? If your corporation pays those premiums does it have to change your salary to meet “reasonable compensation” standards? You’ll get straight answers to these important questions when you … [Read more...]
S Corporation Fringe Benefits after the Recent Tax Reform
The recently passed tax-reform law has a lot to say about fringe benefits for shareholder-employees who own more than 2-percent of their S corporations. The good news? Federal tax law lets you treat the cost of fringe benefits as deductible expenses for your S corporation. The bad news? If you’re a more than 2-percent shareholder, you may have to pay additional taxes … [Read more...]
S corporation health-insurance update
S corporation owners may remember that (for 2014, 2015, and 2016) the IRS allowed you to avoid the $100-per-day penalties on S corporation reimbursements for individually-purchased health insurance. But what about 2017 and 2018? What’s your health-insurance status now? The good news is that your 2017 and 2018 S corporation health-insurance treatment continues as before. And … [Read more...]
The latest on Health Savings Accounts (HSAs)
Since the Affordable Care Act (Obamacare) was enacted, Health Savings Accounts (HSAs) have become more popular than ever, particularly with small businesses. This should come as no surprise. The HSA has some great features including its exclusion from the Affordable Care Act 100-a-day penalty rules, tax-deductible contributions, tax deferred growth, and possible retirement … [Read more...]