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I’ll try to keep this super short and sweet. This is addressed to owners of companies and won’t cover all the situations, but you can use this as a general guide to understand the tax structure as it relates to health insurance deductions: S-Corporation (or taxed as an S-Corp) If you are taxed as an

Many accountants / tax preparers are unsure how to enter PEO wages/transactions into their tax software.  There’s 2 ways they can do this: All “wages” / “payments” made to the PEO (from your company bank account) are labeled as “PEO labor expenses”.  They are entered as a single line item. Imagine if your company hired

Shareholder Basis, The Retained Earnings for LLC’s & S-Corps Keeping track of your shareholder basis (also called “Stock Basis” by some people) is something that many accountants will not do for you, and yet is extremely important. Your shareholder basis is the equivalent of a large publicly traded corporation’s “retained earnings” … or what people

Health insurance isn’t complicated, it’s just something most people haven’t thought about. I spoke with some Russian tourists once and they had no clue what a “hoagie” was. It’s about familiarity more than anything. So, here’s a very brief way to consider health insurance.   The Most Important Thing: Provider Network What if I told

If you have employees and offer health insurance and PAY for at least 50% of the employee only premium (no contribution for dependents is required), then you may be able to claim a health insurance tax credit! https://www.healthcare.gov/shop-calculators-taxcredit/ – note the credit doesn’t apply to owner’s share of premiums, only employees.  Also, this credit can

Individual dental insurance is almost impossible to find.  Yes you might find it, but if you sign up you’ll soon realize it’s not what you bargained for. With dental insurance, it’s common to see many dentists and even more specialists do NOT accept any insurance.  They are covered at “out of network” benefit levels. Wait

When is a good time to be taxed as an S-Corp? Do you remember when you started? I remember hanging my first shingle in early 2009… I set myself up as an S-corp and had my Jerry McGuire moment.  I said, “I’m starting my own practice, who’s coming with me“!?  Just like in the movie

Access insurance that is often up to 30-40% less costly than what is available in the individual marketplace.