S-Corporation Health Insurance

Be sure your health insurance premiums are deductible…

If you have an S-Corporation and you want to deduct 100% of your Health Insurance Premiums, you are REQUIRED to have your TOTAL PREMIUMS PAID IN 2018 reported on your year end W-2 forms.

If you do not have this reported on your W-2 you will not be able to deduct 100% of your health insurance premiums paid in 2018.  For an explanation of what to do, please select one of the two documents below to view and follow the listed instructions:

If BBD Processes your payroll:  

Click Here: Health Ins Reporting – myBBD Payroll – 2018

 If BBD DOES NOT process your payroll:

Click Here: Non-BBD Payroll Clients – HI reporting 2018

2018 Year End Planning

Forms and useful information ….Tax Planning

Here are some forms and useful information to review for your year end tax planning.  If you have not had your year end tax review yet and need to schedule an appointment yet, please click here:

  • To prepare for this appointment;

CLICK HERE2018 Year End Review Appointment Checklist

  • To use a fill in worksheet as a guide to send us,

CLICK HERE:  2018 Year End Review Fill-In Worksheet

ALL S-CORPORATIONS, PLEASE NOTE THE FOLLOWING:

  • Your business year end is December.
  • All S-Corporations with a profit will need to some type of wage/payroll for 2018.
  • Your wages and taxes will be determined during your review appointment.

REMINDER: Tax Payments, HSA and IRA contributions for 2017

 TAX RETURNS vs. TAX PAYMENTS:  What is due?

  • Your tax payment is due by April 17th.  Your tax return does not have to be filed by 4/17 as long as we have filed an extension.
  • If we have prepared your taxes in the past, and your taxes are not complete – rest assured, we have filed an extension for you, you do not need to do anything, or sign anything.

** IF YOU OWE TAXES — Your TAX PAYMENT is due by April 17th.  Your filing date can be extended, but not the payment **


EXTENSION PAYMENTS:

If you would like to make a tax payment for April 17th, please contact us ASAP.  We will be happy to help you with this.  If you had a tax review completed by us for 2017, please refer to the notes from that meeting for our instructions on what you will need to do by 4/17.

If you have questions, please email:  darrellynn@mybbd.com.  He can get your questions to your BBD Accountant in Charge.

HEALTH SAVINGS ACCOUNTS (HSA) for 2017HSA Image

  • Funding for 2017:  Your 2017 HSA contribution needs to be funded by 4/17/18.  HSA contributions can not be extended with a personal tax extension.
  • Family Plan:  The max contribution for a family plan is $6,750.
  • Individual Plan:  The max contribution for an individual plan is $3,400.
  • Age 55+:  If you are 55+, you can add an additional $1,000 to your contribution.

NOTE:  Make sure you qualify to make a HSA contribution prior to making a 2017 contribution.

IRA’s and ROTH IRA’s for 2017 – Personal ContributionsIRA - Image

  • IRA Contributions:  The max IRA contribution is $5,500.   If you are 50 and older, you can an additional $1,000.   The IRA must be opened and funded by 4/17/18.  This contribution can not be extended with a personal tax extension.
  • ROTH IRA Contributions:   The max ROTH IRA contribution is $5,500.   If you are 50 and older, you can an additional $1,000.   The IRA must be opened and funded by 4/17/18.  This contribution can not be extended with a personal tax extension.

NOTE The due date of 4/17 DOES NOT apply to SEP’s and 401K contributions.  Those contributions can be extended with the due date of the Personal or Corporation tax return.

LLC updates effective January 1st, 2018

Starting on January 1st, 2018, all Minnesota LLC’s filed prior to August 1st, 2015 will have some new changes.  This post is meant to inform you about this upcoming change.  This effects all LLC’s filed in Minnesota prior to August 1st, 2015, under the prior LLC Act.

WHAT DO YOU NEED TO KNOW?

Everything you need to know is listed here:  

2018 LLC Update

NOTE:  Business by Design cannot provide you with any legal advice on this matter. However, BBD has made an arrangement with a law firm (Virtus Law) to help you with this process if you choose to do so.

If you have any questions or concerns, please contact one of our BBD staff listed below.

2017 Tax Quiz – How well do you know your business partner?

Do you know your business partner… the IRS?

It is that time of the year again… time for some year end planning with your business and taxes.   Business by Design wants to help you get in the right mindset for the end of year.  We have prepared some information for you to consider as you enter the final weeks of 2017.

Click on the link below for a copy of the material Paul Miller presented at your Edina Realty event.

Click HERE to view the presentation: 

 2017 Tax Quiz – Edina Realty