Can my Business deduct Medical Insurance premiums?

S-Corp Owner Medical Insurance as a Business deduction?
This answer is YES!
Your business should pay you and your family's Medical Insurance premiums, it's a great deduction!

NOTE for S-Corp owners, the IRS also considers this deduction to be Owner/Officer compensation, similar to wages, and as such the total annual premium paid on your family's behalf must be included on the owner's W-2as "Company Contributions" (not an Employee deductions!). 

This is a Company Contribution called 'S-Corp Owners Medical Insurance Premiums"

How to add S-Corp Owners Medical Insurance Premiums
(If you've hired us to manage your payroll, we're doing all of this for you behind the scenes...)

Accountant's secret - the easy way

1. Wait until December > total up all medical/dental/health insurance premiums paid by your business. 
2. Log into your payroll app > enter that total amount in one lump sum as a Company Contribution called "S-Corp Owners Medical Premiums". 
   (If you don't know how simply contact support in your payroll app. This is a very common entry!)

Pro Tip for Gusto users

1. Add the total amount into your final payroll of the year 
   OR
2. Add the total amount into an off cycle payroll with net earnings of $0

The reasoning behind this is that reconciling the amount paid out for insurance with the amount run through your payroll is far easier done once a year than every single month.

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