Avoid the Top IRS Red Flag: The Biggest Mistake with S Corp Health Insurance

Are you correctly handling health insurance premiums in your S Corporation? I'm Noel Lorenzana, a CPA who not only runs my business as an S Corporation but also specializes in preparing S Corp tax returns. In this video, I explain a frequent mistake S Corp owners make with health insurance premiums. I provide a clear and direct overview of the right way to manage these premiums to ensure you stay compliant with the IRS. As an S Corporation specialist, I'll show you the proper approach to this issue. If you're an S Corp shareholder, understanding how your position impacts the treatment of health insurance costs is crucial. 💡 NEW: Grab My Tax Deductions Cheatsheet and Maximize Your Tax Savings! https://www.noellorenzanacpa.com/tax-... 📘 Free Ebook 10 Tips to Simplify Your Taxes: https://www.noellorenzanacpa.com/10-t... 💜 Show Your Support: Fuel Our Channel with a Cup of Coffee! ☕️ https://www.buymeacoffee.com/NoelLore... 📖 Transform Your Accounting - Learn Modernization Concepts in My Book Today! https://a.co/d/dFGLUjM 👪 Join My Free Facebook Group and Connect with CPAs and Tax Pros!   / 951368119040370   Hey there, and welcome to the channel! I’m Noel Lorenzana, a Registered CPA based in Illinois. Our mission here is to empower your financial journey with clear, trustworthy guidance on taxes, business, and alternative financial insights, so you can make confident, informed decisions without all the confusion or fear. On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media. ★CONNECT WITH ME ON SOCIAL MEDIA ★ Website: https://noellorenzanacpa.com/ Facebook:   / noelblorenzana   LinkedIn:   / noellorenzanacpa   🎥 RECOMMENDED VIDEOS 🎥    • Warning: The Dangers of Self-Preparing You...      • 5 Money Mistakes Small Businesses Make and...      • How to Call the IRS by Phone | For 2024   Thanks for watching my video on, What You're Doing Wrong with Health Insurance Premiums in Your S Corp Disclaimer: This video, and the ideas presented in it, are for entertainment and informational purposes only and should not be construed as accounting, tax, legal, financial, or investment advice. It is your responsibility to independently verify any information before relying on it or taking action. Always consult with a qualified professional regarding your specific situation. ⏱️VIDEO CHAPTERS⏱️ 00:00 - S Corporations Health Insurance: Common Mistakes You Make 02:11 - Step 1. The Company Buys Group Health Insurance 02:37 - Step 2. Let the Payroll Company Know About the Health Insurance Premiums 02:58 - Step 3. When the Employee Shareholder Files Taxes 03:25 - S Corporations: $5,000 Health Insurance Deduction 03:52 - S Corporation: Properly Deduct Health Insurance Premiums 04:28 - If You're Self Preparing Your Own S Corporation Tax Return Replay Video Link:    • Avoid the Top IRS Red Flag: The Biggest Mi...   #SCorporation #HealthInsurance