![]() ![]() This means that an LLC does not constitute a separate entity for tax purposes, according to the IRS. Like a sole proprietorship, an LLC has “pass-through taxation,” which means that the income and loss of the business is reported on the personal income tax form of the business owner.What is an LLC?Ī limited liability company, commonly abbreviated as LLC, is a business structure with both “pass-through” taxation and legal liability separate from its owner. You can generally deduct the cost of individual health insurance from your taxes as a self-employed LLC member, although this ultimately depends on several factors, including the tax classification of the LLC and for whom the deduction is being taken out for.Ĭontinue reading to learn about how health insurance works for LLCs. The short answer is that while you usually cannot get small business health insurance through your LLC, you can still enroll in individual health insurance coverage for yourself. As a small business owner, you may be wondering whether you can get small business health insurance through your LLC.
0 Comments
Leave a Reply. |