How Health Insurance Tax Deductions Vary Across Business Entities [Video]

Join Andrea MacDonald, a seasoned mentor at Pronto Tax School, in this enlightening video extract from one of our Andrea’s Answers’ live mentor support sessions titled “H is for Health Insurance – How is it Handled in Various Return Types.” Dive deep into the complexities of tax deductions for health insurance premiums across different business entities, including sole proprietorships, single-member LLCs, S corporations, partnerships, and C corporations.

Chapters:
📌0:00 – Overview of Health Insurance in Tax Planning
A high-level overview of why health insurance matters in tax planning and the impact of entity choice on tax deductions.
📌1:52 – Sole Proprietorships and Single-Member LLCs
A detailed explanation of how health insurance premiums are treated for sole proprietors and single-member LLCs, including tax deduction opportunities on personal returns.
📌4:00 – S Corporations
Discussion on the unique treatment of health insurance premiums for S corporation shareholders, including the implications for W-2 forms and personal tax deductions.
📌10:47 – Partnerships and Multi-Member LLCs
Explanation of how health insurance premiums are handled in partnerships and multi-member LLCs, focusing on guaranteed payments and their impact on K-1 forms.
📌14:39 – C Corporations
Insight into the straightforward treatment of health insurance premiums for C corporations, emphasizing the benefits of deductible business expenses.

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