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I'm self employed and operate under an LLC. I pay my own
Second opinion] I'm self employed and operate under an LLC. I pay my own life, disability and health insurance premiums. Can I deduct these expenses either as an owner or as employee of the LLC?… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,353 satisfied customers
Sorry, I may need to create another new question for the
sorry, I may need to create another new question for the following: Thank you for your great advice. I have one more question. I have 3 small LLC companies as a self-employed after I retired from a la… read more
taxmanrog
taxmanrog
Master's Degree
2,202 satisfied customers
My business partner and I run a small engineering LLC (S
My business partner and I run a small engineering LLC (S Corp for IRS purpose). We want to minimize our personal tax liabilities and need legal tax advice to this end. We would like to understand what… read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,369 satisfied customers
My husband and I began an LLC partnership in our Reiki and
My husband and I began an LLC partnership in our Reiki and massage therapy business in April 2017. I use Intuit QuickBooks to track our income and expenses. I used their TurboTax online service to com… read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,369 satisfied customers
A 2% SHAREHOLDER IN AN S-CORP HAS HEALTH INSURANCE PREMIUM
Second opinion] A 2% SHAREHOLDER IN AN S-CORP HAS HEALTH INSURANCE PREMIUM PAID BY THE CORPORATION. THE PREMIUM IS ADDED TO HIS W-2 WAGE AND HE TAKES A DEDUCTION OF SELF EMPLOYED HEALTH INSURANCE ON H… read more
ABC Accounting Group
ABC Accounting Group
Bachelor's Degree
1,008 satisfied customers
My wife and I have a business and I want to get life insurance.
My wife and I have a business and I want to get life insurance. Based on what I read the premiums can be tax deductible as long as the beneficiary is not my wife? I wanted to set up a living trust for… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,706 satisfied customers
In 2015, I had health insurance under my own name from the
In 2015, I had health insurance under my own name from the CA marketplace with no APTC (entirely out of pocket). I am self-employed, with two disregarded-entity businesses: a sole proprietorship and a… read more
Jason M. Tyra, CPA
Jason M. Tyra, CPA
Principal
Master's Degree
168 satisfied customers
I was recently downsized from my job and subsequently set up
I was recently downsized from my job and subsequently set up a single-person LLC to do consulting. I must now begin paying health insurance premiums. Is there an advantage to paying these health insur… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,353 satisfied customers
I have a client who owns an S corp. They were eligible for
I have a client who owns an S corp. They were eligible for a the health insurance tax credit from form 8941. The info flowed to their k1 and it was put on their 1040. The IRS reduced my clients refund… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,706 satisfied customers
Can the member in a single member LLC deduct health insurance
Can the member in a single member LLC deduct health insurance premiums he pays for himself on page 1 of hie form 1040 if the LLC has a Net Loss per Schedule C but there is other earned income to offse… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,706 satisfied customers
LLC MEMBERS MEDICAL EXPENSES --------------------------------- Hello
LLC MEMBERS' MEDICAL EXPENSES --------------------------------- Hello again. My client has a Calif LLC taxed as a Pship. The only members are himself (80%) and his girlfriend (20%). It owns a rental p… read more
PDtax
PDtax
Owner
Master's Degree
6,439 satisfied customers
Sir or Madam, My family is currently getting health insurance
Sir or Madam, My family is currently getting health insurance through the group plan of my wife's employer. Since her contract only covers health insurance for herself, we need to reimburse her employ… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
55,917 satisfied customers
I am a general partner in an LLC (active member with four 3
I am a general partner in an LLC (active member with four 3 other managing members) and I paid medical insurance for myself (denied coverage on my dependant's policy because of pre exising condition) … read more
Charles Markham
Charles Markham
Principal
Masters Science Taxation
775 satisfied customers
I opened my consulting business in July (Florida LLC, taxed
I opened my consulting business in July (Florida LLC, taxed as S-Corp). The 1st six months of the year I drew $30,000 payroll income. I havent taken any payroll income from the business, but I will ha… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
55,917 satisfied customers
We are a husband and wife small business owner of an LLC, filed
We are a husband and wife small business owner of an LLC, filed as an S corp I believe. Husband is 95% owner of company and I'm 5% owner. (I've just recently began working with my husband as I was emp… read more
Stephanie B.
Stephanie B.
Accountant
Master's Degree
556 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
Tax Advisor
Bachelor's Degree Equivalent
55,917 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
Tax Advisor
Bachelor's Degree Equivalent
55,917 satisfied customers
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
Tax Advisor
Bachelor's Degree Equivalent
55,917 satisfied customers
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