Author Topic: Expenses I'd like to run through my S-Corp - OK or not?  (Read 547 times)

Freedom2016

  • Pencil Stache
  • ****
  • Posts: 838
Expenses I'd like to run through my S-Corp - OK or not?
« on: October 21, 2020, 03:24:10 PM »
I run most of my business through my S-Corp.

I'm wondering if reimbursement of health club membership fees is an above-board kind of S-Corp expense? (As an employee benefit)

And what about reimbursement of health insurance premiums, if health insurance is obtained through the spouse's employer?

Checking here before incurring billable time with my accountant... thanks for any guidance this group can provide! :)

travel2020

  • 5 O'Clock Shadow
  • *
  • Posts: 78
  • Location: PNW
Re: Expenses I'd like to run through my S-Corp - OK or not?
« Reply #1 on: October 21, 2020, 10:54:53 PM »
Maybe there’s a way to structure these as benefits to everyone on the payroll or to owners, but having the insurance through your spouse’s employer would probably be a complicating factor. Definitely consult accountant/CPA to avoid issues later.

Proud Foot

  • Handlebar Stache
  • *****
  • Posts: 1151
Re: Expenses I'd like to run through my S-Corp - OK or not?
« Reply #2 on: November 04, 2020, 12:40:38 PM »
You definitely need to meet with a CPA, particularly one who has extensive experience with S-Corp taxation and employee benefits.

And what about reimbursement of health insurance premiums, if health insurance is obtained through the spouse's employer?

What are you trying to do with this? You are already avoiding income tax as well as FICA taxes on the premiums paid through payroll.