[TriLUG] Consultants ... business license?

Tarus Balog tarus at opennms.org
Thu Dec 13 20:52:53 EST 2007


On Dec 13, 2007, at 4:55 PM, Ron Young wrote:

> Some limited liability protections for the S corp, several
> tax advantages (health insurance is a corporate expense for  
> example), but it
> is still sort of like personal income.


Actually, health insurance is not a corporate expense per se for S- 
corp officers, i.e. anyone who owns more than 2% of the company. It  
is considered compensation, and the beneficiary has to pay taxes on it:

http://www.irs.gov/businesses/small/article/0,,id=157049,00.html

I am not an accountant, but as someone who has done this before it is  
something of which to be aware.

-T
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Tarus Balog, OpenNMS Maintainer             Main:   +1 919 533 0160
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