Management

Tax tangle: Medical deductions for LLC owners

July 29, 2009: 12:37 PM ET

Business owners can write off many of their health care costs, but complying with IRS rules requires some planning.

Jonathan Cottor, Scottsdale, Ariz.

I have an LLC, and I'm seeking some advice about my family's medical expenses. One accountant told me they can be run through the LLC as a business expense, and I've been paying the insurance premiums and any eligible co-pays and FSA-qualifying-type out-of-pocket costs through the business as an expense. I haven't set up a separate HSA account, since the medical expenses run through the business and reduce my taxable income anyway when it pulls over to my personal return.

Another accountant has questioned this logic, and advised me that medical expenses need to reside solely on my personal return and are not business expenses. Who's right? More

  • The fair way to set employee salaries

    Not sure if you're underpaying or overpaying? Third-party salary surveys can help.

    Thomas, San Francisco
    I have a video production company with five full-time editors. I'm always stressed thinking I'm either overpaying them and I'm going to go broke, or underpaying them and am going to lose them and/or they're going to get resentful. Because of this, I realize I manage them nervously, which is not good management. How MORE

    Jul 16, 2009 12:39 PM ET
  • How to keep laid-off workers honest

    Experts reveal the best ways to keep company information in the building when the employees exit.

    Tom Goll, Owner, U.S. Diversified Tech, Nashua, N.H.
    We always hear about what employees should do to prepare for layoffs. But what should employers do to ensure that company data, contacts and customer lists don't walk out the door with terminated employees?

    May 26, 2009 10:42 AM ET
  • What to pay the boss's bosses

    How much should you pay your company directors? First, take a hard look at what skills they'll need to guide your business.

    Paul Dzera, MGBD, New York City
    What would you recommend for determining board of directors' fee levels (annual retainer, board meeting fees, committee meeting fees, etc.), both in cash and stock options? I have a small public company with revenues of about $30 million. To date, I have reviewed the MORE

    May 21, 2009 2:33 PM ET
  • 'Should I hire a business coach?'

    If your company is stalled, a coach could be the catalyst you need.

    Darrin Lugash, Houston
    I have a business in theory, but haven't seen any action in it. I'm working full-time in my former trade while I wait for my business to take off. I'm not sure where to get help - when is it time to hire a business coach? What should I look for in a coach, MORE

    Apr 30, 2009 9:51 AM ET
  • Business triage: Kill what's ailing

    Some sales aren't worth winning. If parts of your company are successful and others aren't, it's time to purge.

    Sharron Stankiewicz, Ohio
    I own three hearing aid businesses, all listed under the same corporate name but located in different areas. Two of them are going bust. Can I get out of my lease and still keep the one successful business running? What could the landlord do if I simply walked MORE

    Apr 14, 2009 9:00 AM ET
  • Cut staff hours but keep the morale

    If you need to cut costs, here's some tips on how to break the bad news to the staff.

    Richard Ryan, Barberitos Southwestern Grille and Cantina, Charleston
    I own a small restaurant that grosses around half a million a year. I am going into my third year and I currently employ six people. Most of them live off this job. I am holding a meeting today to explain why everybody will have MORE

    Mar 19, 2009 11:10 AM ET
  • Finding the best customers for your business

    Some clients aren't worth the headaches. Advance vetting and precautions can spare you the pain.

    I started a concierge service on a tight budget. I am not looking to conquer the world in a day. I would like to attract the "right" customer and grow the business within my means. What would be the best methods to find that "right" customer?

    Mar 17, 2009 10:18 AM ET
  • I want a loan. My business partner doesn't.

    How to get capital when you are your partner disagree on the risks.

    C. Miranda, Urban Revitalizers, Boston

    I am a partner in a small, certified minority business, and have been managing it for the past 10 years. My firm has just won a statewide contract to conduct assessments of real estate throughout the state. It is our first large contract, and it requires some start-up capital. I have applied for MORE

    Mar 13, 2009 10:15 AM ET
  • How to manage an inherited business

    When an entrepreneur dies, loved ones are forced to make tough decisions.

    Ann Gaspar, Fairview Park, Ohio
    I recently inherited a small computer servicing business due to my husband's passing. I am looking for reading material on learning/managing an established business and can't find any titles. Can you recommend anything that will help me step into this role and excel in it? I am a registered nurse, so the business world MORE

    Mar 3, 2009 5:36 PM ET
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