Tuesday, March 17, 2020

Can I pay my insurance through my corporation?

Nicolasa Henke: Yes, the corporation will get a deduction on its tax return. However, you will then have to take the premiums paid on your behalf into your wages. You can then deduct them as a medical expense on your schedule A. You will only be able to take medical expenses as a deduction if you itemize and only to the extent that they exceed 7.5% of your adjusted gross income.

Silvia Stclair: Yes. You should see a lawyer or CPA to make sure you set it up properly so that you can legally take the deduction.

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