Small-business owners with one to 49 employees should have a medical plan for their business. You can claim a tax credit equal to 100 percent of required (2020) and voluntary (2021) emergency sick leave and emergency family leave payments.
If you operate your business as an S corporation, you need the S corporation to pay for or reimburse you for the health insurance, and put it on your W-2. You could also claim the tax credit for the group health insurance you give your employees. If you need more insights into the medical deduction opportunities, please contact me!
0 Comments
Leave a Reply. |
We're Here to HelpGet advice from our experienced network of financial managers. If you Value our Blog, We have an ask.We spend hours researching data to help you understand your finances and taxes, including historical context, issues, and solutions. Our goal is to empower people to improve their relationship with money. Please consider a $3 donation today. Important Disclosures
Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances. AuthorKeana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients. |