5

Dec

Am I able to write off Health Insurance Premiums for tax purposes at the end of the year?

Posted by MichaelZ  Published in United States
insurance
Marcus W asked:


I am looking to purchase my own health insurance instead of going through my company. I know that the company takes out the cost on a pre-tax basis, but their insurance is not the greatest. If I do decided to sign up for health insurance, will I be able to use the cost of my own health insurance as a deduction fo tax purposes?

Rancho Mirage Auto Insurance
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6 comments

4

Dec

Can I reimburse myself health insurance costs from my company?

Posted by MichaelZ  Published in United States
insurance
Jackie S asked:


We used to have individual health insurance, and I would pay for it out of my own company (an S Corp). When we got insurance through my husband’s employer, I stopped reimbursing myself.
He is paid for by the company, and then it costs extra to add myself and our child.

I was just going to deduct health insurance premiums on our Sch A, but we don’t have enough other medical expenses to meet the limit.

Is it ligit to go ahead and reimburse myself the amount that it cost for the health insurance? Then it would be a business expense. Thanks.

Palm Desert Life Insurance

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3 comments

22

Sep

How do health insurance tax deductions work for a member managed LLC?

Posted by MichaelZ  Published in United States
insurance
prizice24 asked:


I own a business (LLC) with two other people. It is only us three; we do not have any additional employees. We pay for our health insurance through our business. Based on these facts, I was wondering how much I stand to save on my personal taxes. Is this a standard write off like any other business expense or does the IRS treat health insurance differently?

Palm Springs Auto Insurance
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1 comment
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