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Teddra Lake
Teddra Lake,
Category: Tax
Satisfied Customers: 3
Experience:  Enrolled Agent/Area Manager at H&R Block
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My wife and I are an LLC. I am 61 and she is 77 yrs. We pay

Customer Question

My wife and I are an LLC. I am 61 and she is 77 yrs. We pay our health insurance from the LLC. Hers is a supplemental plan and mine is full coverage. At a cost of $22,500.00 and another $11,000.00 in medical expenses for the 2015 year.
There were no income taxes involved because of major losses from hurricane sandy.
We had to pay $5,000.00 to the social security administration.
My question is how to not have to pay a ridiculous amount for insurance and then have the SS Tax burden on top of it?
Submitted: 6 months ago.
Category: Tax
Expert:  Teddra Lake replied 6 months ago.
Hello there, I would like to try to help you answer your question. My understanding is that you are self employed? The $5000 was for your self employment tax? (social security and medicare taxes)
Customer: replied 6 months ago.
Correct
Expert:  Teddra Lake replied 6 months ago.
Unfortunately, there is nothing that can be done to alter the amount of your self employment tax since that is solely based on your profit for your business. As to how to reduce what you pay for health insurance all I can recommend is to look into healthcare.gov website and see if you qualify for an advance tax credit for health insurance.
Expert:  Teddra Lake replied 6 months ago.
Can I help you with any other questions about taxes? If not, please have a wonderful day!

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