Health Insurance Deductions for S Corporation Owners: How to Maximum Benefits #accountingtips

For S Corporation owners, claiming health insurance deductions comes with its unique steps.

📌 As an S Corporation, you're an employee of your business, meaning the straightforward Schedule 1 deduction isn't an option.

Instead:
1️⃣ Ensure the S Corp covers the insurance costs.
2️⃣ If paid personally, use an accountable plan to get reimbursed.
3️⃣ Add those insurance costs to your W2 payroll as an S Corp owner's self-employed health insurance.

Always communicate with your payroll provider, ensuring they're well-informed of your 2% ownership in the S Corp and guide them on adding these premiums to your W2. Navigating the nuances can maximize your benefits! 💼