Question by smorapcs: Standard home income tax deductions?
I bought a home and January. I need to know what is tax deductible? I also have a interest only home loan. How can I deduct that on my income tax?
Best answer:
Answer by Clamdigger + Look it up to be sure, but your load interest, a portion of the points to get the loan, and you town taxes should all be deductible.
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Question by prizice24: How do health insurance tax deductions work for a member managed LLC?
I own a business (LLC) with two other people. It is only us three; we do not have any additional employees. We pay for our health insurance through our business. Based on these facts, I was wondering how much I stand to save on my personal taxes. Is this a standard write off like any other business expense or does the IRS treat health insurance differently?
Best answer:
Answer by HealthQuote360.com Multiple member LLC’s can be taxed 3 different ways:
1. As a partnership
2. As a C corporation
3. As an S Corporation
The deductability of health insurance premiums for your LLC will depend on which of the 3 types of entities your LLC elected to be taxed at (the default is the partnership form of taxation).
Typically, you will be able to deduct 100% of your health insurance premiums although there are some specials considerations for owner/officers of S Corporations who own more than 2% of the company.
If you speak with a CPA or qualified tax advisor they should be able to give you plenty of good tips. One thing that you may want to mention is a medical reimbursement plan. Here is some more detail on medical reimbursement plans:
Know better? Leave your own answer in the comments!
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