Is it mandatory that Health Insurance and HSA integrated into Payroll? Can we take these separately and deduct them as expenses to get tax credit? What if a Payroll company doesn't provide these benefits to integrate to payroll? Thank you.
My s -corp pays the healthcare monthly premium, but I , myself, contribute to my HSA. No contribution from my company. I do try to pay myself in a 401k. If I make money (my s-corp that is) then I pay the maximum 401k. IF and only IF I have left overs , after expenses, I will take an additional distribution. But....there have been years , like 2023, where I made no money in the s corp (very little, actually). So let me suggest that you should make a video about the instance when an s-corp DOES NOT make enough money to pay a salary. THe problem is that ALL accountants with videos on the internet ASSUME that s-corp people make $100,000 each year. WRONG...why do you guys always assume that?
My husband is Native American so he is Federally exempt and so I qualify for Medical which now both services are like Medi-cal but are not HSA qualified.😢 we still have hi-deductible and co-payments to pay. We have payroll and my husband has never taken any distributions.
Can you make a video about an S-Corp partnered by 4 people (2 couples) that pays out to each of the couples own LLC or S-Corp? Then the individual S-Corp pays out the couple.
I'll add it to the list Pete. Until then, you may have just made a mistake when asking your question, but usually you would form an LLC (and not have it taxed as an S Corporation) and the "members" for the LLC will be the individual S Corps. Hope that makes sense.
If the owners are the only ones running the company and it's their first year and didn't distribute any money to themselves then do you still have to show a reasonable compensation?
No, reasonable compensation must come before distributions, but if you don't take any distributions the reasonable compensation is not required it's just required before a distribution.
My S-Corp retail business is running loss for many years. Should I still need to do my payroll or can I just take a minimum amount for my expenses? If I can take a minimum amount means how long can I take and how long I am permitted to run a business without running payroll for me( I am a single owner and employee of the business). Please advice Sir.
Do you have a video concerning adding new shareholders - do you know if the IRS needs notified? If so what form do you use to notify IRS about admitting new shareholder?
Can you talk a little more about integrating an S-Corp shareholder’s health insurance into the payroll? I had thought this would be a distribution that would be deductible on their 1040?
I think I cover it here: Health Insurance Premium Deductions & Tax Strategy for Entrepreneurs ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-GG6ChqbPk70.html
Thank you for the great information. Can you recommend any good tax filling Software or website - me and my husband receive w2 which is easy to file but I made an s corp last year to do a side hussle. (Which is not in profit at this time). Or would you recommend contacting a CPA for filling taxes. Thank you
I am so sick over this. I was a LLC partnership for 7 years, (very very small part time business). I filed the forms to be a single member s Corp and shouldn't have. I didn't know what I was doing . I only have 13k in net income, 28 gross. How can I give myself a salary with 13k in net income and not know what I will end up with. It's a crazy setup. I also have a full.time.jon making 100k last year. Any advice
You can get rid of the S corp election by filing a form, however, there is a time period that you will have to sit thru before filing to be an S corp again.
