- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
I'm a single employee LLC with S-Corp tax status
Just for clarity, when it comes to taxes (I reiterate, WHEN IT COMES TO TAXES, AND ONLY TAXES) you do not have an LLC. You have an S-Corp. Period. I clarify that, because the owner of an LLC can not be an employee of that LLC. However, having filed IRS Form 2553 to have the IRS treat your LLC "like an S-Corp" for tax purposes, means that on the tax front, your LLC-turned-S-Corp can have the owner as a W-2 employee.
curious if I can pre-pay my 2022 medical and dental premiums as a business expense
Qualified deductions can be claimed in the tax year they are paid. On some things there are limits though. For example, if you pre-pay 5 years worth of premiums, then you may be limited to claiming the amount paid for each year, in the tax year that payment applies to.