Health Insurance – Page 11

OnlineNavigator in 2016

Jan 6, 2016

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by

in Health Insurance, News and Politics, Social Media

For more than 30 years I’ve addressed consumer finance questions related to health insurance planning. It started as an effort to market my young financial planning practice in a local newspaper back in 1983 and is now an online social media activity through the trademark OnlineNavigator. I’ve lost count of how many thousands of consumer…

S-Corporation owner/employee health insurance

Jan 4, 2016

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by

tonynova

in Employee Benefits, Health Insurance, Small Business, Taxes

Tax treatment of health insurance for owner/employees of S-Corporations has always been, and continues to be, a confusing issue. The controlling authority is Rev. Proc. 2014-41 that provides guidance to compute the business deduction (IRC §162) for health insurance costs for self-employed individuals and the premium tax credit allowed under (IRC§ 36B). IRS Notice 2015-17 provides assurance…

Common errors with small business health plans

Dec 22, 2015

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by

tonynova

in Employee Benefits, Health Insurance, Small Business

I often read adviser comments online that reflect a common tax error about small business health plans and especially employer payments or reimbursements for individual health insurance. In some cases the same errant thinking even extends to tax treatment of uninsured health benefits. Some advisers think that it is appropriate to account for employer-provided health…

Watchlist for tax preparers: 2015 small business health plans

Dec 21, 2015

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by

tonynova

in Health Insurance, Small Business, Taxes

2015 brought dramatic changes to the way that small business health benefits are handled for wage and income tax reporting purposes. Harsh new penalties now apply to small businesses who may still be unaware of the new rules. Until recently many accountants believed that we would see relief provisions to these laws since so many small employers…

Social security number not required for health insurance

Dec 20, 2015

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by

tonynova

in Health Insurance

I’ve answered thousands of emails and telephone calls for Freedom Benefits web site users since 1995. It seems like at least once per week I get some version of this same question: “I am looking for health insurance for my mother. She has an ITIN number but no social security number.” My response: Your mother…

The proper way for S corporations to report health benefits of shareholders

Dec 16, 2015

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by

tonynova

in Accounting, Employee Benefits, Health Insurance, Small Business, Taxes

U.S. federal tax law differentiates the tax accounting methods for employee health benefits from the treatment of self-employed individuals. Operators of small businesses organized as S corporations under state law are considered to the self-employed for income tax reporting but are typically also employees of the S corporation. Employer paid health benefits are most commonly…

Health insurance for 2016 brings unwelcome change

Nov 23, 2015

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by

tonynova

in Health Insurance

The health insurance market offers few choices, higher rates and more paperwork for Pennsylvania’s individuals and small businesses in 2016. Prices for individual and small group health insurance plans are rising significantly for most Pennsylvanians next year. Highmark plans offered through the Health Insurance Marketplace will have the largest price increases, some as high as…

Avoidable small business taxes in 2015

Nov 5, 2015

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by

tonynova

in Employee Benefits, Health Insurance, Small Business, Taxes

Small business owners know that some taxes are unavoidable. Taxes are the price we pay to live and work in this society. Yet other taxes are simply the result of sloppy management or failing to keep up with changes in the tax law. It is this latter category of small business taxes that is grabbing most of my attention…