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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??  

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2 Replies
Jackstar221
Employee Tax Expert

LLC to pay for Monthly health insurance

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-sel... 

 

 

Jackstar221
Employee Tax Expert

LLC to pay for Monthly health insurance

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

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