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S-Corp Solo: How do i deal with my health insurance premiums?
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Date: May 18th, 2017 9:12 PM Author: Slap-happy Costumed Bawdyhouse seems totally confusing. tyia. (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33340010) |
Date: May 18th, 2017 9:13 PM Author: vigorous forum pocket flask Just don't cop (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33340023) |
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Date: May 18th, 2017 9:29 PM Author: Soul-stirring self-centered stage My accountant told me to just pay it through the firm as a business expense, which I do. No idea if this is correct. (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33340149) |
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Date: May 18th, 2017 9:29 PM Author: Very tactful startled famous landscape painting need a C corp for that. (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33340152) |
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Date: May 18th, 2017 9:30 PM Author: Soul-stirring self-centered stage Welp, I'll see myself to jail. (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33340158) |
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Date: May 18th, 2017 9:40 PM Author: Slap-happy Costumed Bawdyhouse what's the right answer for S? (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33340233) |
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Date: May 18th, 2017 9:42 PM Author: Racy Slimy Really Tough Guy Abode Line 29 of the 1040: self employed health insurance deduction. (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33340260) |
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Date: May 18th, 2017 11:37 PM Author: Slap-happy Costumed Bawdyhouse i'm not self-employed if i'm an s-corp, am i? (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341042) |
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Date: May 18th, 2017 11:42 PM Author: Racy Slimy Really Tough Guy Abode Single shareholder s-Corp = disregarded entity, so all the activity goes on your 1040 schedule C and I believe you are considered self employed unless you file a former 8832 electing to be treated as a c corp.
THIS IS NOT TAX ADVICE |
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Date: May 18th, 2017 11:45 PM Author: marvelous hairless house immigrant can you please comment on my suggestion below about putting everything in a box and telling the IRS to go fuck itself. (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341100) |
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Date: May 18th, 2017 11:45 PM Author: Slap-happy Costumed Bawdyhouse you're fucking dumb. there's no schedule c for a single-shareholder s-corp. (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341101) |
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Date: May 18th, 2017 11:52 PM Author: Racy Slimy Really Tough Guy Abode Shit you might be right. I guess even if it's a single owner s Corp you have to file an 1120s and issue a k-1. (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341136) |
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Date: May 19th, 2017 12:10 AM Author: Slap-happy Costumed Bawdyhouse this is :D level MFE stupidity
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Date: May 19th, 2017 12:13 AM Author: Racy Slimy Really Tough Guy Abode Yeah this was really embarrassing for me. I genuinely mean that. (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341219) |
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Date: May 19th, 2017 12:37 AM Author: Embarrassed to the bone library its not that dumb. it goes on your schedule e, not schedule c.
the s corp files the 1120s and issues you a k1. |
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Date: May 19th, 2017 12:38 AM Author: Racy Slimy Really Tough Guy Abode Yeah but I thought it was a disregarded entity. (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341354) |
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Date: May 19th, 2017 12:44 AM Author: Embarrassed to the bone library s corps aren't disregarded entities. they have to file 1120s's as informational returns. you claim income/loss per schedule e (or d if stcg) on the individual tax return.
if LLC --> disregarded entity --> you don't file an entity return but include on schedule c-e. |
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Date: May 19th, 2017 12:45 AM Author: Racy Slimy Really Tough Guy Abode Yeah (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341379) |
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Date: May 19th, 2017 1:03 AM Author: histrionic depressive "THIS IS NOT TAX ADVICE"
Is too. |
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Date: May 18th, 2017 10:04 PM Author: Embarrassed to the bone library why would you need a C corp for this? (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33340395) |
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Date: May 18th, 2017 11:43 PM Author: Racy Slimy Really Tough Guy Abode I think he is suggesting that as a c Corp you are paying yourself wages as a employee and thus can deduct the amount contributed to health insurance.
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Date: May 19th, 2017 12:20 AM Author: Very tactful startled famous landscape painting also you can create a employer sponsored health plan if you are a C corp with ONLY ONE employee and you can deduct 100% of the out of pocket expenses as business expenses, before paying yourself the salary as an employee.
It's called a health reimbursement plan. Fucking Obamacare tried to kill it to prevent employers from paying for shit haphazardly rather that provide real coverage - however if you have one employee its still fine. |
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Date: May 19th, 2017 12:26 AM Author: Racy Slimy Really Tough Guy Abode Yeah that would only apply to an ALE ans I think the regs were revised like 6 months ago to allow large employers to offer HRAs even if not integrated with a compliant plan. I might be talking out of my ass a little bit. (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341284) |
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Date: May 19th, 2017 12:38 AM Author: Embarrassed to the bone library wasn't aware that HRAs aren't tax free for partnership taxed entities. obamas america. (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341351) |
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Date: May 18th, 2017 9:48 PM Author: marvelous hairless house immigrant S corps are for faggots. put all your money in a box labeled "Super LLC" and you'll get the same results. (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33340313) |
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Date: May 19th, 2017 12:15 AM Author: Curious french menage Agreed. It's a total prole tell. Probably formed by some shopping mall accountant. (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341231) |
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Date: May 19th, 2017 12:45 AM Author: Embarrassed to the bone library s corps are TCR small business entity in CA (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341376) |
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Date: May 19th, 2017 1:17 AM Author: fishy weed whacker is it always better than an LLC? (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341508) |
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Date: May 19th, 2017 1:41 AM Author: Embarrassed to the bone library In CA, an LLC is subject to gross receipts fees regardless of its tax structure. an s corp has a percentage tax but its easier to minimize that (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341638) |
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Date: May 19th, 2017 2:01 AM Author: Slap-happy Costumed Bawdyhouse A law firm cant be an LLC in CA (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341714) |
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Date: May 19th, 2017 2:06 AM Author: Embarrassed to the bone library true. neither can most licensed professionals (http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341746) |
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Date: May 19th, 2017 2:14 AM Author: Very tactful startled famous landscape painting C corp professional corporation is the way to go. You pay the state fee each year which sucks, but that's it. And expense healthcare for you and your family 100%. And deduct everything else as a business expense too.
pay yourself 100% of remaining profit as salary and profit. |