Comments on: Small Business Tax Savings – The Ultimate Small Business Startup Guide Part 4 http://mywifequitherjob.com/small-business-tax-savings-the-ultimate-small-business-startup-guide-part-4/ Building Wealth and Entrepreneurship When Your Wife Wants to Stay at Home With the Kids Tue, 16 Mar 2010 13:51:57 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: How Much The Average American Can Save On Taxes By Having A Business | Wizpress.com http://mywifequitherjob.com/small-business-tax-savings-the-ultimate-small-business-startup-guide-part-4/comment-page-1/#comment-3165 How Much The Average American Can Save On Taxes By Having A Business | Wizpress.com Fri, 22 Jan 2010 14:30:37 +0000 http://mywifequitherjob.com/?p=5809#comment-3165 [...] right! Most people don’t consider the tax savings involved in running a business. Most people don’t realize that having a day job is one of the [...] [...] right! Most people don’t consider the tax savings involved in running a business. Most people don’t realize that having a day job is one of the [...]

]]> By: Small Business Accounting And Bookkeeping Can Be Fun – The Ultimate Small Business Startup Guide Part 6 | Wizpress.com http://mywifequitherjob.com/small-business-tax-savings-the-ultimate-small-business-startup-guide-part-4/comment-page-1/#comment-2395 Small Business Accounting And Bookkeeping Can Be Fun – The Ultimate Small Business Startup Guide Part 6 | Wizpress.com Tue, 15 Sep 2009 16:30:37 +0000 http://mywifequitherjob.com/?p=5809#comment-2395 [...] Part 4: Small Business Taxes [...] [...] Part 4: Small Business Taxes [...]

]]> By: Steve http://mywifequitherjob.com/small-business-tax-savings-the-ultimate-small-business-startup-guide-part-4/comment-page-1/#comment-2355 Steve Thu, 10 Sep 2009 19:11:01 +0000 http://mywifequitherjob.com/?p=5809#comment-2355 Hi Valerie, So I spoke with an accountant friend of mine and it is indeed true. Small business owners can deduct 100% of their health insurance costs for themselves and their family. They can also deduct medical expenses not covered by insurance as an itemized deduction if they exceed 7.5% of your adjusted gross income. Basically, the 7.5% prevents you from making the deductions if you are wealthy. Hi Valerie,
So I spoke with an accountant friend of mine and it is indeed true. Small business owners can deduct 100% of their health insurance costs for themselves and their family. They can also deduct medical expenses not covered by insurance as an itemized deduction if they exceed 7.5% of your adjusted gross income. Basically, the 7.5% prevents you from making the deductions if you are wealthy.

]]> By: Valerie M http://mywifequitherjob.com/small-business-tax-savings-the-ultimate-small-business-startup-guide-part-4/comment-page-1/#comment-2340 Valerie M Wed, 09 Sep 2009 17:52:22 +0000 http://mywifequitherjob.com/?p=5809#comment-2340 Hi Steve, Thanks. I've looked around too and I've heard a lot of conflicting advice about this. One of the major ones I heard that they one tax the amount of money you make AFTER you pay your business expenses and your insurance. 100% does sound too good to be true, but I'm thinking that being able to deduct any percentage is a pretty good thing. Thanks again for your help. Hi Steve,

Thanks. I’ve looked around too and I’ve heard a lot of conflicting advice about this. One of the major ones I heard that they one tax the amount of money you make AFTER you pay your business expenses and your insurance.

100% does sound too good to be true, but I’m thinking that being able to deduct any percentage is a pretty good thing. Thanks again for your help.

]]> By: Twitted by mainebusiness http://mywifequitherjob.com/small-business-tax-savings-the-ultimate-small-business-startup-guide-part-4/comment-page-1/#comment-2338 Twitted by mainebusiness Wed, 09 Sep 2009 16:39:20 +0000 http://mywifequitherjob.com/?p=5809#comment-2338 [...] This post was Twitted by mainebusiness [...] [...] This post was Twitted by mainebusiness [...]

]]> By: Small Business Tax Savings – The Ultimate Small Business Startup Guide Part 4 | Wizpress.com http://mywifequitherjob.com/small-business-tax-savings-the-ultimate-small-business-startup-guide-part-4/comment-page-1/#comment-2336 Small Business Tax Savings – The Ultimate Small Business Startup Guide Part 4 | Wizpress.com Wed, 09 Sep 2009 15:00:16 +0000 http://mywifequitherjob.com/?p=5809#comment-2336 [...] Part 4: Small Business Taxes [...] [...] Part 4: Small Business Taxes [...]

]]> By: Steve http://mywifequitherjob.com/small-business-tax-savings-the-ultimate-small-business-startup-guide-part-4/comment-page-1/#comment-2333 Steve Wed, 09 Sep 2009 04:27:56 +0000 http://mywifequitherjob.com/?p=5809#comment-2333 Hey Valerie, I did some research and it appears as though sole proprietors, partners, LLCs and S corporation shareholders active in a business can deduct 100% of their health insurance premiums for themselves and their families. This sounds a little too good so you should probably ask a real accountant what the stipulations are. Hey Valerie,
I did some research and it appears as though sole proprietors, partners, LLCs and S corporation shareholders active in a business can deduct 100% of their health insurance premiums for themselves and their families. This sounds a little too good so you should probably ask a real accountant what the stipulations are.

]]> By: Steve http://mywifequitherjob.com/small-business-tax-savings-the-ultimate-small-business-startup-guide-part-4/comment-page-1/#comment-2330 Steve Tue, 08 Sep 2009 18:58:24 +0000 http://mywifequitherjob.com/?p=5809#comment-2330 Hey Valerie, I'm not sure what the rules are in regards to health insurance. I'll check on it and get back to you. Hey Valerie,
I’m not sure what the rules are in regards to health insurance. I’ll check on it and get back to you.

]]> By: Valerie M http://mywifequitherjob.com/small-business-tax-savings-the-ultimate-small-business-startup-guide-part-4/comment-page-1/#comment-2323 Valerie M Tue, 08 Sep 2009 12:20:29 +0000 http://mywifequitherjob.com/?p=5809#comment-2323 Interesting ... you know, this may be a little off topic, but I am curious about how to handle health insurance. That is, if you don't have an employed spouse who can cover you. I heard you can deduct a portion of self-employed health insurance costs as well, however I am not 100% sure. Interesting … you know, this may be a little off topic, but I am curious about how to handle health insurance. That is, if you don’t have an employed spouse who can cover you. I heard you can deduct a portion of self-employed health insurance costs as well, however I am not 100% sure.

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