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S-Corp Solo: How do i deal with my health insurance premiums?

seems totally confusing. tyia.
.;;.;.;;;;..;;;.....
  05/18/17
Just don't cop
I Am
  05/18/17
My accountant told me to just pay it through the firm as a b...
Martin Prince
  05/18/17
need a C corp for that.
Earl (The Goat) Manigoat
  05/18/17
Welp, I'll see myself to jail.
Martin Prince
  05/18/17
what's the right answer for S?
.;;.;.;;;;..;;;.....
  05/18/17
Line 29 of the 1040: self employed health insurance deductio...
bloodacre
  05/18/17
i'm not self-employed if i'm an s-corp, am i?
.;;.;.;;;;..;;;.....
  05/18/17
Single shareholder s-Corp = disregarded entity, so all the a...
bloodacre
  05/18/17
can you please comment on my suggestion below about putting ...
pepito .
  05/18/17
you're fucking dumb. there's no schedule c for a single-shar...
.;;.;.;;;;..;;;.....
  05/18/17
Shit you might be right. I guess even if it's a single owner...
bloodacre
  05/18/17
this is :D level MFE stupidity
.;;.;.;;;;..;;;.....
  05/19/17
Yeah this was really embarrassing for me. I genuinely mean t...
bloodacre
  05/19/17
its not that dumb. it goes on your schedule e, not schedule...
Sotomayor McCharles XII
  05/19/17
Yeah but I thought it was a disregarded entity.
bloodacre
  05/19/17
s corps aren't disregarded entities. they have to file 1120...
Sotomayor McCharles XII
  05/19/17
Yeah
bloodacre
  05/19/17
"THIS IS NOT TAX ADVICE" Is too.
~~(>' ' )>
  05/19/17
why would you need a C corp for this?
Sotomayor McCharles XII
  05/18/17
I think he is suggesting that as a c Corp you are paying you...
bloodacre
  05/18/17
also you can create a employer sponsored health plan if you ...
Earl (The Goat) Manigoat
  05/19/17
Yeah that would only apply to an ALE ans I think the regs we...
bloodacre
  05/19/17
wasn't aware that HRAs aren't tax free for partnership taxed...
Sotomayor McCharles XII
  05/19/17
S corps are for faggots. put all your money in a box labeled...
pepito .
  05/18/17
Agreed. It's a total prole tell. Probably formed by some sho...
Tim Daotua
  05/19/17
s corps are TCR small business entity in CA
Sotomayor McCharles XII
  05/19/17
is it always better than an LLC?
3 stacks
  05/19/17
In CA, an LLC is subject to gross receipts fees regardless o...
Sotomayor McCharles XII
  05/19/17
A law firm cant be an LLC in CA
.;;.;.;;;;..;;;.....
  05/19/17
true. neither can most licensed professionals
Sotomayor McCharles XII
  05/19/17
C corp professional corporation is the way to go. You pay t...
Earl (The Goat) Manigoat
  05/19/17


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Reply Favorite

Date: May 18th, 2017 9:12 PM
Author: .;;.;.;;;;..;;;.....

seems totally confusing. tyia.

(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33340010)



Reply Favorite

Date: May 18th, 2017 9:13 PM
Author: I Am

Just don't cop

(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33340023)



Reply Favorite

Date: May 18th, 2017 9:29 PM
Author: Martin Prince (Bad (or sick) guy!)

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)



Reply Favorite

Date: May 18th, 2017 9:29 PM
Author: Earl (The Goat) Manigoat (earl)

need a C corp for that.

(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33340152)



Reply Favorite

Date: May 18th, 2017 9:30 PM
Author: Martin Prince (Bad (or sick) guy!)

Welp, I'll see myself to jail.

(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33340158)



Reply Favorite

Date: May 18th, 2017 9:40 PM
Author: .;;.;.;;;;..;;;.....

what's the right answer for S?

(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33340233)



Reply Favorite

Date: May 18th, 2017 9:42 PM
Author: bloodacre

Line 29 of the 1040: self employed health insurance deduction.

(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33340260)



Reply Favorite

Date: May 18th, 2017 11:37 PM
Author: .;;.;.;;;;..;;;.....

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)



Reply Favorite

Date: May 18th, 2017 11:42 PM
Author: bloodacre

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

(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341079)



Reply Favorite

Date: May 18th, 2017 11:45 PM
Author: pepito .

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)



Reply Favorite

Date: May 18th, 2017 11:45 PM
Author: .;;.;.;;;;..;;;.....

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)



Reply Favorite

Date: May 18th, 2017 11:52 PM
Author: bloodacre

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)



Reply Favorite

Date: May 19th, 2017 12:10 AM
Author: .;;.;.;;;;..;;;.....

this is :D level MFE stupidity



(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341207)



Reply Favorite

Date: May 19th, 2017 12:13 AM
Author: bloodacre

Yeah this was really embarrassing for me. I genuinely mean that.

(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341219)



Reply Favorite

Date: May 19th, 2017 12:37 AM
Author: Sotomayor McCharles XII

its not that dumb. it goes on your schedule e, not schedule c.

the s corp files the 1120s and issues you a k1.

(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341346)



Reply Favorite

Date: May 19th, 2017 12:38 AM
Author: bloodacre

Yeah but I thought it was a disregarded entity.

(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341354)



Reply Favorite

Date: May 19th, 2017 12:44 AM
Author: Sotomayor McCharles XII

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.

(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341375)



Reply Favorite

Date: May 19th, 2017 12:45 AM
Author: bloodacre

Yeah

(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341379)



Reply Favorite

Date: May 19th, 2017 1:03 AM
Author: ~~(>' ' )>

"THIS IS NOT TAX ADVICE"

Is too.

(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341436)



Reply Favorite

Date: May 18th, 2017 10:04 PM
Author: Sotomayor McCharles XII

why would you need a C corp for this?

(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33340395)



Reply Favorite

Date: May 18th, 2017 11:43 PM
Author: bloodacre

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.



(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341087)



Reply Favorite

Date: May 19th, 2017 12:20 AM
Author: Earl (The Goat) Manigoat (earl)

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.

(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341251)



Reply Favorite

Date: May 19th, 2017 12:26 AM
Author: bloodacre

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)



Reply Favorite

Date: May 19th, 2017 12:38 AM
Author: Sotomayor McCharles XII

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)



Reply Favorite

Date: May 18th, 2017 9:48 PM
Author: pepito .

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)



Reply Favorite

Date: May 19th, 2017 12:15 AM
Author: Tim Daotua

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)



Reply Favorite

Date: May 19th, 2017 12:45 AM
Author: Sotomayor McCharles XII

s corps are TCR small business entity in CA

(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341376)



Reply Favorite

Date: May 19th, 2017 1:17 AM
Author: 3 stacks

is it always better than an LLC?

(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341508)



Reply Favorite

Date: May 19th, 2017 1:41 AM
Author: Sotomayor McCharles XII

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)



Reply Favorite

Date: May 19th, 2017 2:01 AM
Author: .;;.;.;;;;..;;;.....

A law firm cant be an LLC in CA

(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341714)



Reply Favorite

Date: May 19th, 2017 2:06 AM
Author: Sotomayor McCharles XII

true. neither can most licensed professionals

(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341746)



Reply Favorite

Date: May 19th, 2017 2:14 AM
Author: Earl (The Goat) Manigoat (earl)

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.

(http://www.autoadmit.com/thread.php?thread_id=3619056&forum_id=2#33341765)