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My client has LLC (partnership tax treatment). Based on the
My client has LLC (partnership tax treatment). Based on the operating agreement one of his partners needs to be reimbursed for health insurance. 1. In 2015 partnership did not have any income (only ex… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,079 satisfied customers
What are the new laws on the Medical reimbursement plan? I
What are the new laws on the Medical reimbursement plan? I have an LLC that pays for the health insurance premiums for the partners and and 1120S reimbursing shareholders for the medical bills. Is it … read more
Lev
Lev
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Bachelor's Degree Equivalent
33,079 satisfied customers
Where to deduct a rental real estate partners'(Form 8825)
where to deduct a rental real estate partners'(Form 8825) medical insurance premiums? where does one enter real estate rental partners' (Form 8825) medical insurance payments… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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If an llc has multiple members with equal ownership, can each
If an llc has multiple members with equal ownership, can each member be paid an hourly wage for hours worked? This would be above and separate from the annual distribution. Some members will not be ab… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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A multi member LLC pays health insurance premiums on behalf
A multi member LLC pays health insurance premiums on behalf of one of its members. Where are these payments reported on Form 1065?… read more
Lev
Lev
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Bachelor's Degree Equivalent
33,079 satisfied customers
I recd a K1 for guaranteed payment for a partner which is
I rec'd a K1 for guaranteed payment for a partner which is what I should get. How do I write off on my 1040 my expenses that was not run thru the LLC, would that be a schedule C?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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k-1 how is line 14 calculated Partnership LLC, my share
k-1 how is line 14 calculated Partnership LLC, my share of profit is 25,000 and my guaranteed medical insurance payment is 20,000. Due to partnership formula I get all profit this year. On K-1 Line 1 … read more
taxmanrog
taxmanrog
Master's Degree
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Hi Lev, Setting up a new company. Company A will be a multi-member
Hi Lev, Setting up a new company. Company A will be a multi-member LLC. Company B will be a Single Member LLC. I own 100% of Company B and Company B owns, 50% of Company A. Company B is a member manag… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,079 satisfied customers
Am I correct in assuming any payment for medical insurance
Am I correct in assuming any payment for medical insurance for the employees of a partnership, LLC, corporation or sole proprietor is a tax deductible expense? I an not sure if the partners or the own… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
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LLC Owners medical insurance premium. Is it deducted on form
LLC Owners medical insurance premium. Is it deducted on form 1040 or 1065. For a s corp owner I include it in wages and then deduct it in form 1040 correct? How is it done for llc owners?… read more
Lev
Lev
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Bachelor's Degree Equivalent
33,079 satisfied customers
When making journal entries to adjust a Partnerships books,
When making journal entries to adjust a Partnerships books, does it make a difference for reporting and ax return purposes if I show money drawn by the 2 partners as guaranteed payments or net profit … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,079 satisfied customers
My question relates to medical expenses 1. My expenses are
My question relates to medical expenses: 1. My expenses are as follows: $3135.76 due to prescription drugs, etc $15514.00 due insurance premiums $ 1394.66 due professional fees pais..doctors, dentists… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,079 satisfied customers
I have a single member LLC which is a general partner of a
I have a single member LLC which is a general partner of a partnership which pays my LLC a guaranteed payment. In prior years, when I, as an individual, was the general partner, I would report the gua… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I was laid off in January 2009 from my previous employer and
I was laid off in January 2009 from my previous employer and has been paying COBRA for health insurance ever since. I formed a Delaware LLC in January 2009 and hired myself as an employee since Februa… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,079 satisfied customers
Please direct this question to RD - Can a 2 member llc medical
Please direct this question to RD - Can a 2 member llc medical practicewith 10 employees create a medical reimbursement policy for its members and employees. The employer currently pays the full healt… read more
RD
RD
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Master's Degree
1,129 satisfied customers
In a multi-member LLC, if the two managing members are being
In a multi-member LLC, if the two managing members are being paid a "Guaranteed Payment" since they are not allowed to receive a Salary/W2 like regular employees, how does this affect the Net Taxable … read more
MequonCPA
MequonCPA
CPA Firm Owner
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I own a small business (an LLC) which is member-managed. The
I own a small business (an LLC) which is member-managed. The business provided me with health insurance as the manager through 4/07 (we had to drop our insurance because we could no longer afford it a… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,079 satisfied customers
I have a new Calif LLC. Only about $2500 in income for ...
I have a new Calif LLC. Only about $2500 in income for 2005. My insurance company wants to see a completed Schedule K-1 Form for verification of the LLC. Is this correct? What forms should I use to fi… read more
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Jon Andrews
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