Wcginc.com

Tax Savings with Health Insurance

WebTax Savings with Health Insurance. By Jason Watson, CPA. Posted Monday, October 23, 2023. When your S corporation pays for your self-employed health …

Actived: 6 days ago

URL: https://wcginc.com/kb/tax-savings-with-health-insurance/

Section 199A Health Insurance Comparison

WebNote that the Section 199A benefit (Line 16) is higher with an S corporation versus a non-S Corp by leveraging the self-employed health insurance / HSA aspect of …

Category: Health Go Health

Section 199A FAQS

WebIf you are considering the basics where the Section 199A is available on the lessor of 20% of net business income or 20% of taxable income. For your business …

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Other Tricks of the Trade with S Corps

WebLet’s illustrate this further-. Option A- Pay husband and wife $120,000 each for a total of $240,000. All $240,000 would be subjected to Social Security and Medicare …

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Section 199A Self-Employed Health Insurance

WebThe basic Section 199A pass-through deduction is 20% of net qualified business income, which is huge. If you make $200,000, the deduction is $40,000 times …

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S-Corp Rules On Partnerships

WebThe S-Corp must establish an Accountable Plan for the payment of health insurance premiums on behalf of the shareholder. The S-Corp must either directly pay …

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Avoiding or Reducing Self-Employment SE Taxes

WebSelf-employment taxes are 15.3% which is derived from the “employer” portion at 7.65% and the “employee” portion of 7.65%. However, a small business gets …

Category: Health Go Health

Health Care Expenses, Premiums, HRAs

WebFor example, let’s say your salary is $36,000 and your health care premiums plus other expenses are $500 per month or $6,000 a year. As a result, only $30,000 will be …

Category: Health Go Health

Section 199A Qualified Business Income Tax Deduction

WebThe basic Section 199A pass-through deduction is 20% of net qualified business income which is huge. If you make $200,000, the deduction is $40,000 times …

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Medical C Corp and QSEHRA

WebIn our example, the S Corp reimbursed $10,000 in out-of-pocket medical expenses. Unlike self-employed health insurance and HSA contributions, there is not an …

Category: Medical Go Health

Additional S Corp Salary Considerations

WebIf your self-employed health insurance is $15,000 per year, you must pay yourself at least $15,000 in salary to be able to fully deduct the premiums as self …

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Example of a 105/HRA in the Sub Chapter S Corporation

WebJohn pays $500 per month for health insurance and roughly $3,000 per year in non-insured medical expenses. Prior to establishing a BASE® 105 HRA, John was able to deduct …

Category: Medical Go Health

Section 105 Health Reimbursement

Web1,600. 28% Marginal Rate Break Even. 1,429. If you are in the 25% tax bracket, for example, this means you would need $1,600 in recurring medical expenses …

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Take Money Out of the S Corp

WebIf you are taxed at 24%, you will pay $24,000 ($100,000 x 24%) in taxes on $70,000 worth of net economic benefit from your business- suddenly this becomes …

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Adding Your Spouse to Payroll

Web401k plan contributions and other benefits could be extended to your spouse. Currently, employees can defer $23,000 (for the 2024 tax year) plus another $7,500 if …

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SEP IRA Contribution Limitations for S Corps

WebThat is a huge difference! However, if you leveraged a solo 401k plan instead, your total contribution is now $23,000 (for the 2024 tax year) plus 25% of your W …

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IRS Mileage Reimbursement Rules

WebFor the 2023 tax year, the IRS designated $0.28 of the $0.655 standard mileage rate to be depreciation of your automobile (almost half) according to IRS Notice …

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Section 199A W-2 Safe Harbors

WebHere is a blurb from IRS Notice 2018-64 –. Section 199A (b) (4) (C) provides that W-2 wages shall not include any amount that is not properly included in a return filed …

Category: Health Go Health

Specified Service Trade or Business (SSTB) Definitions

WebPosted Wednesday, November 1, 2023. Specified service trades or businesses is the bane of the Section 199A existence in so many ways. Let’s start off with the definitions-. …

Category: Health Go Health

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