As an S-Corp Shareholder/employee, can I deduct insurance premiums paid by the S-Corp? Hey folks, today I wanna chat about how you can save some money on your taxes as an S-Corp owner by deducting health insurance premiums. whoop whoop. So here's the deal - premiums paid by your S-Corp for you, your spouse, and dependents are not  automatically tax-free like they are for employees. Bummer, I know. But here's what you can do - have your S-Corp include the cost of those premiums to your W-2 income as reasonable compensation. Make sure you have a written policy spelling that out. Now, since S-Corp owners are considered self-employed, you get to deduct those premiums personally on your personal tax return, Form 1040 as self-employment health insurance, rather than as a business expense. Pretty sweet tax hack if you ask me. Keep all your premium invoices and whatnot in case the IRS comes knocking. You know how they are. Speaking of IRS, if your Scorp pays the health insurance premiums and they are not included in your wages then they would be considered distributions. An as an S-corp owner you don't want to take more in distributions than you do in wages. That would be a very costly mistake triggering back payroll taxes, penalties, and interest. Oh and if you're over 65, looks like you can potentially deduct Medicare and other medical expenses too. Saved you some Googling there. So in a nutshell, with the right setup, S-Corp owners can deduct health premiums paid by your company and keep more of your hard-earned money. But definitely consult your accountant to make sure you've checked all the boxes. Alright, that's my quick guide on how to save on taxes by deducting health insurance premiums as an S-Corp owner. You can learn more about this and other topics on our blog at MyAccountingCrew.com/blog 

MyAccountingCrew.com is a virtual accounting firm that offers CFO advisory, outsourced accounting, and business tax solutions. We are very passionate about helping our clients achieve their business goals. Our full-service outsourced accounting provides small businesses with an accounting department for a fraction of the cost. Your accounting specialist will tackle the day-to-day accounting, billing, invoicing, payroll, reporting, and much more. https://www.myaccountingcrew.com/

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Find a partner you can trust in one of the most crucial areas of your business. MyAccountingCrew.com has the professionals and the know-how to get you the right setup for your organization. Watch and listen as one of our many client's shares her experience and why she chose to go with My AccountingCrew.com

MyAccountingCrew.com is a virtual accounting firm that offers CFO advisory, outsourced accounting, and business tax solutions. We are very passionate about helping our clients achieve their business goals. Our full service outsourced accounting provides small businesses with an accounting department for a fraction of the cost. Your accounting specialist will tackle the day-to-day accounting, billing, invoicing, payroll, reporting, and much more. Website - https://www.myaccountingcrew.com/ All Links - https://hy.page/myaccountingcrew

MyAccountingCrew.com is a virtual accounting firm that offers CFO advisory, outsourced accounting, and business tax solutions to small business clients. We are very passionate about helping our clients reach their business goals. Book a consultation - https://live.vcita.com/site/watscpa/online-scheduling?service=i5rjedi1wrula4qk _______________ We are online: Website https://www.myaccountingcrew.com/ Facebook @WATSCPA - https://www.facebook.com/watscpa/ Instagram @WATSCPA - http://instagram.com/watscpa Twitter @WATSCPA - https://twitter.com/watscpa Linkedin @WATSCPA - https://www.linkedin.com/company/watscpa Checkout our Partners Kangarootime - https://info.kangarootime.com/learn-m... Gusto Payroll - https://gusto.com/r/audrawilson2 QuickBooks Online - https://quickbooks.grsm.io/WATSCPA Time Sheet Tracking - https://www.tsheets.com/#a:watscpa Small Business Funding - https://www.kabbage.com/?refid=nrp_11499 Mileage Tracking - https://www.mileiq.com/invite/RUFHR