{"id":6201,"date":"2024-09-18T08:46:55","date_gmt":"2024-09-18T13:46:55","guid":{"rendered":"https:\/\/www.incsight.net\/?p=6201"},"modified":"2025-10-31T15:18:21","modified_gmt":"2025-10-31T20:18:21","slug":"tax-planning-and-health-costs-strategies-for-small-business-owners-2","status":"publish","type":"post","link":"https:\/\/www.incsight.net\/blog\/2024\/09\/18\/tax-planning-and-health-costs-strategies-for-small-business-owners-2\/","title":{"rendered":"Tax Planning and Health Costs: Strategies for Small Business Owners"},"content":{"rendered":"<div class=\"et_pb_section_0 et_pb_section et_section_regular et_block_section preset--module--divi-section--default\">\n<div class=\"et_pb_row_0 et_pb_row et_block_row\">\n<div class=\"et_pb_column_0 et_pb_column et_pb_column_4_4 et-last-child et_block_column et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_text_0 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--group--divi-text--divi-font-header--h1y3ko5--default preset--group--divi-text--divi-font-body--h19rs5u--default preset--group--divi-text--divi-font-body--h1yjkjr--default\"><div class=\"et_pb_text_inner\"><p>Before we dig too deep I just wanted to mention that\u00a0a little while back we did an entire series on health related tax strategies on both our<span>\u00a0<\/span><a href=\"https:\/\/www.taxsavingspodcast.com\/blog\" target=\"_blank\" rel=\"noopener noreferrer\">Blog<\/a><span>\u00a0<\/span>and<span>\u00a0<\/span><a href=\"https:\/\/podcasts.apple.com\/us\/podcast\/small-business-tax-savings-podcast\/id1377376636\" target=\"_blank\" rel=\"noopener noreferrer\">Small Business Tax Savings Podcast<\/a><span>\u00a0<\/span>so if you want to take what we talk about today and dig deeper, you will want to check those out!<\/p>\n<p>Taking care of your health is so important and often times as a busy professional something that gets put to the side. There is also tax planning that comes into play when we talk about various aspects of health and that is exactly what we want to outline today.<\/p>\n<\/div><\/div>\n\n<div class=\"et_pb_text_1 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--group--divi-text--divi-font-header--h1y3ko5--default preset--group--divi-text--divi-font-body--h19rs5u--default preset--group--divi-text--divi-font-body--h1yjkjr--default\"><div class=\"et_pb_text_inner\"><h1>How Does the Deduction For Self-Employed Health Insurance Work?<\/h1>\n<p>Basically, if you are self-employed you will always get a business deduction for the health insurance costs you incur. Be careful though, if\u00a0you are part of one of those medical sharing plans, those are not technically considered health insurance, so those would not be deductible through the business.<\/p>\n<p>Now, depending on how your business is setup will determine how you get the actual deduction and it is important that this is done correctly. We have an entire Blog and Podcast episode on this,<span>\u00a0<\/span><strong><a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/how-does-the-deduction-for-self-employed-health-insurance-work\" target=\"_blank\" rel=\"noopener noreferrer\">How Does the Deduction For Self-Employed Health Insurance Work?<\/a><\/strong>, but here is a summary:<\/p>\n<ul>\n<li><strong>Sole Proprietor or Single Member LLC<\/strong>\n<ul>\n<li>Simply deduct self-employed health insurance premiums on Schedule 1\u00a0of your personal tax return (1040).<\/li>\n<\/ul>\n<\/li>\n<li><strong>S Corporation Owner<\/strong>\n<ol>\n<li>Have the S Corp pay for the insurance<\/li>\n<li>Add it to your W2 payroll as S Corp owner self employed health insurance. Your payroll provider should know how to handle this, just be sure to let them know and ask questions if needed.<\/li>\n<li>Deduct on your personal tax return (Schedule 1)<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<p>If you have<span>\u00a0<\/span><span>non-owner employees<\/span><span>\u00a0<\/span>and provide health insurance benefits (either partly or fully) you will get a deduction for your costs for them too. Be sure to also include that amount on the employees W2 in Box 12 with code DD.<\/p>\n<h1>What Options Are Available to Business Owners With High Medical Costs?<\/h1>\n<p>Unfortunately sometimes life hits you and medical costs (over and above insurance) start to rise. Fortunately for business owners there are options available on where you can possibly get a business deduction for those items.<\/p>\n<p>This specific\u00a0section\u00a0would be for solo business owners with just themselves or a spouse as an employee.<\/p>\n<p><span>We have an entire Blog and Podcast episode on this,\u00a0<\/span><strong><a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/what-options-are-available-to-business-owners-with-high-medical-costs\" target=\"_blank\" rel=\"noopener noreferrer\">What Options Are Available to Business Owners With High Medical Costs?<\/a><\/strong><span>, but here is a summary:<\/span><\/p>\n<ul>\n<li><span>You can utilize a Section 105 Plan to turn personal medical expenses into a business deduction.<\/span><\/li>\n<li>\n<p>You would need to ensure you have the correct paperwork and plan designed (this is key)\u00a0but then it would reimburse the employee (you or your spouse) for medical costs incurred.<\/p>\n<\/li>\n<li>Depending on the way your business is setup and if you are single or married will determine the best way to setup a plan like this.<\/li>\n<\/ul>\n<p>As mentioned if you are facing high medical costs (typically we say $4-5k or more) over and above insurance costs, check out the full Blog and Podcast episode we did on this one.<\/p>\n<h1>What Health Benefit Options are Available for Small Businesses With Employees?<\/h1>\n<p>If you are a business owner with employees you may be looking for options available to you and there are definitely various different routes you can go down. For this discussion we assume you have less than 50 employees.<\/p>\n<p><span>We have an entire Blog and Podcast episode on this,\u00a0<\/span><strong><a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/what-health-benefit-options-are-available-for-small-businesses\" target=\"_blank\" rel=\"noopener noreferrer\">What Health Benefit Options are Available for Small Businesses With Employees?<\/a><\/strong><span>, but here is a summary:<\/span><\/p>\n<ul>\n<li><span>Some of the main options are: Group Health Insurance, Increase Wages to Cover Costs (Taxable), Setup an HRA or QSEHRA<\/span><\/li>\n<li><span>For those small business with roughly 25 or less employees, we love the QSEHRA option.<\/span>\n<ul>\n<li><span>A\u00a0QSEHRA\u00a0is an HRA that is\u00a0available to employers with\u00a0fewer than 50 full-time equivalent employees that do not offer a group health insurance policy.<\/span><\/li>\n<li>\n<p><span>With a QSEHRA, employers reimburse\u00a0employees tax-free for medical expenses (including health insurance premiums).<\/span><\/p>\n<\/li>\n<li>\n<p><span>With a QSEHRA, you can offer yearly allowances up to $6,150 for single employees and $12,450 for employees with a family in 2024.<\/span><\/p>\n<\/li>\n<li>\n<p><span>All employees must receive the same allowance amount, except in cases regarding an employee\u2019s family status.<\/span><\/p>\n<\/li>\n<li>\n<p><span>All full-time employees are\u00a0eligible and businesses can decide on part-time employee eligibility.<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span>If you are looking for more information on the options available, check out our full Podcast and Blog post on this topic.<\/span><\/p>\n<p><span>Just know there are some rather easy options available to you. Do not be like me when I first got started in business, afraid to hire because I thought need to provide health benefits would be very hard and expensive. With the options available out there it doesn't have to be this way.<\/span><\/p>\n<h1><span>What Is An HSA and How Do They Work?<br \/><\/span><\/h1>\n<p><span>A health savings account (HSA) is one tool that I think everyone should be taking advantage of, whether you are a business owner or not.<\/span><\/p>\n<p><span>We have an entire Blog and Podcast episode on this,\u00a0<strong><a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/what-is-an-hsa-and-how-do-they-work\" target=\"_blank\" rel=\"noopener noreferrer\">What Is An HSA and How Do They Work?<\/a><\/strong>, but here is a summary:<\/span><\/p>\n<ul>\n<li><span>You get a<strong>\u00a0tax deduction for the funds you contribute<\/strong>\u00a0into an HSA.<br \/><\/span><\/li>\n<li><span><strong>Withdrawals are tax free<\/strong>\u00a0if used for\u00a0qualified medical expenses.<\/span><span>\u00a0<\/span><\/li>\n<li><span><strong>Interest or earnings<\/strong>\u00a0with-in the HSA are\u00a0<strong>NOT taxed<\/strong>.<\/span><\/li>\n<\/ul>\n<p><span>It is a rare tool that the IRS lets you \"win\" on both ends, the contribution and the withdrawal. For this reason we recommend everyone (business owner or not) be maxing out their HSA contributions, if they qualify and can afford it.<\/span><\/p>\n<p><span>The main thing is you need to have a high deductible health plan in order to qualify for an HSA.<\/span><\/p>\n<p><span>The maximum you can contribute into an HSA for 2024 is\u00a0<strong>$4,150 for self-only<\/strong>\u00a0or\u00a0<strong>$8,300 for families<\/strong>.<\/span><\/p>\n<p>Many people look at an HSA as a savings vehicle because there is no tax on the interest or gains earned within it and you know at some point you'll need funds for medical expenses. This means that even if you do not have high medical costs today, it can still be a great savings vehicle.<\/p>\n<h1>Summary<\/h1>\n<p>Hopefully this was helpful and as mentioned we did a deep dive into all of these topics last year so if you want to learn more about any of the topics\u00a0discussed today, check out our Blog or Small Business Tax Savings Podcast!<\/p>\n<ul>\n<li><strong><a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/how-does-the-deduction-for-self-employed-health-insurance-work\" target=\"_blank\" rel=\"noopener noreferrer\">How Does the Deduction For Self-Employed Health Insurance Work?<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/what-options-are-available-to-business-owners-with-high-medical-costs\" target=\"_blank\" rel=\"noopener noreferrer\">What Options Are Available to Business Owners With High Medical Costs?<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/what-health-benefit-options-are-available-for-small-businesses\" target=\"_blank\" rel=\"noopener noreferrer\">What Health Benefit Options are Available for Small Businesses With Employees?<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/what-is-an-hsa-and-how-do-they-work\" target=\"_blank\" rel=\"noopener noreferrer\">What Is An HSA and How Do They Work?<\/a><\/strong><\/li>\n<\/ul>\n<\/div><\/div>\n\n<div class=\"et_pb_code_0 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\"><iframe src=\"https:\/\/www.buzzsprout.com\/1837660\/episodes\/13757201-mastering-tax-strategies-for-health-costs-how-to-maximize-deductions-and-save-big?client_source=small_player&amp;iframe=true&amp;referrer=https:\/\/www.buzzsprout.com\/1837660\/13757201-mastering-tax-strategies-for-health-costs-how-to-maximize-deductions-and-save-big.js?container_id=buzzsprout-player-13757201&amp;player=small\" loading=\"lazy\" width=\"100%\" height=\"200\" frameborder=\"0\" scrolling=\"no\" title=\"Small Business Tax Savings Podcast, Mastering Tax Strategies for Health Costs: How to Maximize Deductions and Save Big!\"><\/iframe><\/div><\/div>\n\n<div class=\"et_pb_code_1 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\"><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/vxTS0Cas-aY?si=IC1onhKKM1jjMB0N\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div><\/div>\n\n<div class=\"et_pb_text_2 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--group--divi-text--divi-font-header--h1y3ko5--default preset--group--divi-text--divi-font-body--h19rs5u--default preset--group--divi-text--divi-font-body--h1yjkjr--default\"><div class=\"et_pb_text_inner\"><ul>\n<li style=\"list-style-type: none;\">\n<p><strong>The Time Is NOW To Start Paying Less In Taxes.\u00a0<\/strong><strong>Join<span>\u00a0<\/span><span>TaxElm<\/span><span>\u00a0<\/span>and start eliminating taxes and growing your wealth!<\/strong><\/p>\n<p>What you'll get:<\/p>\n<ul>\n<li><strong>Tax Savings Blueprint and Training:<\/strong><span>\u00a0<\/span>This is your roadmap to hit the ground and start implementing. Know exactly which strategies are relevant to you and which ones you should focus on first! Then dive into the training library with content, videos, downloads, guides, templates, etc. and start implementing right away!<\/li>\n<li><strong>Unlimited Access to Tax Experts:<\/strong><span>\u00a0<\/span>Got a specific question about a tax rule? You\u2019ll have unlimited messaging access directly with-in the software to our team of tax experts to get the accounting and tax answers you need.<\/li>\n<li><strong>Annual Comprehensive Consultation:<\/strong><span>\u00a0<\/span>Once a year you get a live meeting with a tax expert to discuss anything tax savings you would like. This is your time to get your questions answered live 1-on-1.<\/li>\n<li><strong>Annual Tax Return Review:<\/strong><span>\u00a0<\/span>Each year, upload your prior year tax returns, and our expert team will meticulously analyze them to generate a custom report highlighting key findings and actionable savings strategies tailored to your specific tax situation.<\/li>\n<li><strong>Monthly Webinars and Training:<\/strong><span>\u00a0<\/span>Every month, we host a live, virtual training session on a key tax topic. Join us live and bring your questions or view the training on your own schedule (recordings are added to the tax training library).<\/li>\n<li><strong>Partner Directory and Discounts:<\/strong><span>\u00a0<\/span>You get exclusive, members-only rates and access to our expert referral network for accounting, bookkeeping, tax preparation, payroll, financial planning, legal, retirement planning, tax resolution, and more!<\/li>\n<li><strong>TaxElm Guarantee:<\/strong><span>\u00a0<\/span>We will present tax saving strategies that will, at a minimum, cover the cost of your subscription fee or your money back!<\/li>\n<\/ul>\n<p>It is like having a tax\u00a0strategist walking with you along this entrepreneurial journey!<\/p>\n<\/li>\n<\/ul>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_row_1 et_pb_row et_block_row\">\n<div class=\"et_pb_column_1 et_pb_column et_pb_column_4_4 et-last-child et_block_column et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_module et_pb_button_module_wrapper et_pb_button_0_wrapper preset--group--divi-button--divi-font--h1vi52x--default_wrapper\"><a class=\"et_pb_button_0 et_pb_button et_pb_bg_layout_light et_animated et_pb_module et_block_module preset--group--divi-button--divi-font--h1vi52x--default\" href=\"https:\/\/taxelm.com\/?via=incsight\">Join TaxElm<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Learn effective tax planning strategies to reduce health insurance costs for small business owners. Discover how to maximize health insurance deductions, implement HSA contributions, and leverage self-employed health insurance benefits to save thousands on taxes while maintaining quality coverage for you and your family.<\/p>\n","protected":false},"author":2,"featured_media":6207,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","footnotes":""},"categories":[32,56,52,78,82,80,36,51,33],"tags":[42],"class_list":["post-6201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","category-business","category-irs","category-management","category-money","category-real-estate","category-small-business","category-tax-planning-strategy","category-taxes","tag-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tax Planning and Health Costs: Strategies for Small Business Owners - IncSight<\/title>\n<meta name=\"description\" content=\"Discover proven tax planning strategies for small business owners to reduce health insurance costs. Learn how to maximize deductions, implement HSAs, and leverage self-employed health insurance benefits to save thousands annually.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.incsight.net\/blog\/2024\/09\/18\/tax-planning-and-health-costs-strategies-for-small-business-owners-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax Planning &amp; Health Costs: Save Thousands with Smart Strategies\" \/>\n<meta property=\"og:description\" content=\"Discover proven tax planning strategies for small business owners to reduce health insurance costs. 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