January 23, 2009
How do health insurance tax deductions work for a member managed LLC?
vardenafil levitra alt=’health insurance’ />prizice24 asked:
I own a business (LLC) with two other people. It buy cheap viagra online 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.
I own a business (LLC) with two other people. It buy cheap viagra online 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?
Top Kamagra cheapest Secret Fat Loss Secret
Filed under United States by Administrator
Comments on How do health insurance tax deductions work for a member managed LLC?
Multiple member LLC’s can be taxed 3 different ways:
1. As a partnership
2. As a C corporation
3. As an S Corporation
The deductability of health insurance premiums for your LLC will depend on which of the 3 types of entities your LLC elected to be taxed at (the default is the partnership form of taxation).
Typically, you will be able to deduct 100% of your health insurance premiums although there are some specials considerations for owner/officers of S Corporations who own more than 2% of the company.
If you speak with a CPA or qualified tax advisor they should be able to give you plenty of good tips. One thing that you may want to mention is a medical reimbursement plan. Here is some more detail on medical reimbursement plans: