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Subject Author Date
Health Insurance Deductions DolphinVJ 04-23-2006
Posted by DolphinVJ on April 23, 2006, 1:43 am
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 I am confused as to the tax treatment of Health Insurance
Premiums that Businesses would pay on behalf of their
owners. How to treat such premiums for each of these
business types -

Sole Proprietor, Partnership, S Corporation, LLC and C
Corporation? Are they deductible or not?

Thanks in advance for you input.

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Posted by ed on April 24, 2006, 11:33 am
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 Sole Prop: Deduct on line 29 of 1040
Part: Distribute earnings. Deduct on line 29 of 1040
S Corp: Charge to W-2 wages without SS deductions. Deduct
on line 29 of 1040
C Corp: Deduct as expense. Employee gets no further
deduction.

Final net tax outcome exactly the same for all of these, if
they qualify.

ed

<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by DolphinVJ on April 27, 2006, 12:09 am
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Thanks Ed.

Let's take this one step further - can the said health
insurance premiums be expensed on the Income Statement (on
the books) of each of the types of Businesses, ie. sole
proprietor, partnership, LLC, S-Corp and C-Corp?

<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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