Sunday, March 20, 2016

Deduct Health Insurance Premiums: S-Corporation

Topic of the day: How to deduct health insurance premiums.

There are a few simple steps to making sure that you can legally deduct your personal and family health insurance premiums from your S-corp.

The first step is establishing who is eligible to receive the deduction. For health care purposes, you must be at least a two percent owner of the business. This means that if you are not an owner on paper, but you are the spouse, parent or grandchild, you are considered qualified.
The only other thing that determines qualification is that your spouse can not already have a separate health insurance plan from their employer (if applicable). This holds true even if your spouse denies the coverage that is provided at work. READ MORE