How to Deduct Health Insurance in Your Painting Business (3 Ways)
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Can you deduct Health Insurance in your Painting Business? Daniel Honan, CPA, breaks down three ways painting business owners may be able to save on taxes with health insurance. He starts with the self-employed health insurance deduction, who qualifies, and why eligibility matters more than simply turning down a spouse's plan. He then covers the special rule for S-corp owners with more than 2%, where the company pays or reimburses the premiums and reports them on the owner's W-2, plus the payroll mistake that surfaces after the last payroll of the year. Finally, he explains how an HSA paired with an eligible plan can give you a deduction, tax-deferred growth, and tax-free qualified medical withdrawals, and what to compare before choosing a plan.
Know Your Numbers & Save Big in Taxes,
Daniel Honan, CPA
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Prefer video? Watch this episode on YouTube
What We Discuss:
00:00 3 ways to save on taxes with health insurance
00:49 Health insurance mistakes painters make
01:10 Level 1: the self-employed health insurance deduction
02:37 Level 2: S-corp health insurance for owners
03:17 The S-corp payroll mistake to avoid
03:47 Level 3: the HSA and its three tax benefits
05:40 Quick summary
Profitable Painter CPA – accounting and financial strategy for painting contractors. Visit us profitablepaintercpa.com
This episode was originally recorded as a video for YouTube.
If you hear me say things like “in this video” or reference visuals, don’t worry —
the content still works perfectly in audio form.
And if you ever want to watch the video version, you can find it on the
Profitable Painter YouTube channel.
https://www.youtube.com/@BookkeepingForPainters