The Affordable Care Act (ACA, Obamacare) included a trap for small employers who let their employees purchase their own health insurance, then reimbursed them for all or part of the cost. Employers making such reimbursements were subject to a penalty … [Read more...]
Small Businesses: Two Tax Issues for 2014
Small business owners face tax threats and opportunities in many areas. Here are two to consider: depreciation and fixed asset purchases, and health reimbursement accounts (HRAs). Section 179 deduction In December many small business owners who had … [Read more...]
Health Insurance for S Corporation 2 % Shareholders
The cost of health insurance premiums paid by an employer is usually excluded from taxable income on the employee’s W-2. A more than 2% shareholder of an S corporation is not eligible for this exclusion. However, the 2% shareholder may be able to … [Read more...]
Payroll Taxes: 0.9% Medicare Surtax
The Patient Protection and Affordable Care Act of 2010 – commonly referred to as Obamacare or the ACA – included two provisions related to the Medicare tax which took effect in 2013. Today we’ll look at the 0.9% increase to Medicare tax for high-wage … [Read more...]