Ryan VaughnCOO of Incite Tax & Accounting. Ask me anything about your taxes.

Health Insurance for YOUR BUSINESS - Part 1 | Incite Tax #irssucks

7 Aug 2023 · 1 min

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In this segment, the presenter addresses common questions from small business owners about health insurance options and tax deductibility. He emphasizes the importance of consulting a state‑specific health insurance agent to understand the range of plans available based on a company’s unique circumstances. He clarifies that federal law does not obligate a business to provide a group health plan until it reaches 50 employees, but notes that in highly competitive industries, offering some level of health benefit before hitting that threshold can be a valuable tool for attracting top talent. While acknowledging that small firms cannot match the 100% coverage offered by larger corporations, he argues that providing any health benefit helps mitigate hiring challenges and can be deducted as a business expense.

Chapters

What are health insurance options for me as a business owner, and can I deduct it? What I want to cover here is just a small snippet of it. You really do need to talk to a health insurance agent about the options that exist for you in your state based on the unique factors of your company and your team. You're not required to have a group insurance plan for your business until you have 50 team members or more, but for those of you who might be in industries like mine where the talent is really competitive, you may need to consider having some sort of a health insurance benefit before you get to 50 just to have some sort of attraction level for A-players. Now, I personally still can't compete with the bigger companies who offer 100% health insurance coverage, but we're doing something, so it's at least something. It minimizes that hit when we're hiring for team members.