Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted May 22, 2024 2:17:19 PM

LLC to pay for Monthly health insurance

I have an LLC. can i pay my health insurance from this account?

 as well as Cell phone??  

0 2 3471
2 Replies
Employee Tax Expert
May 22, 2024 2:36:43 PM

Health insurance "premiums" are tax deductible if you have a net profit on a schedule C.

 

Your personal health insurance cannot be written off directly on your schedule C.

 

You are also eligible for a deduction if you are a general partner, a limited partner who receives guaranteed payments, or a shareholder who owns more than 2% with wages from the S corp that are reported on the W-2.

 

Here is a TurboTax article about self-employed health insurance premiums:

https://turbotax.intuit.com/tax-tips/home-ownership/deducting-health-insurance-premiums-if-youre-self-employed/L6bRhLaVE 

 

 

Employee Tax Expert
May 22, 2024 2:39:37 PM

You can also write off the business portion of your cell phone expense.