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Tax Cuts and Jobs Act: Introduction and Overview
Corporate Tax Provisions
Corporate Tax Rate
Corporate Alternative Minimum Tax
Credit for Prior Year Minimum Tax
Qualified Business Income Deduction
Depreciation: Sections 168 and 179 Modifications
Temporary 100 Percent Expensing (Bonus Depreciation)
Expensing Depreciable Business Assets (Section 179)
Depreciation Limitations on Luxury Automobiles and Personal Use Property
Applicable Recovery Period for Real Property
Business Related Losses
Net Operating Loss Deduction
Limitation on Losses Other than Corporations
Business Related Exclusions and Deductions
Business Interest Expense
Like-Kind Exchanges of Real Property
Qualified Bicycle Commuting Reimbursement
Qualified Moving Expense Reimbursement
Employee Achievement Awards
Meals and Entertainment Deduction
Rehabilitation Tax Credit
Employer Credit for Paid Family and Medical Leave
Qualifying Beneficiaries of Electing Small Business Trusts
Charitable Contributions Deduction for Electing Small Business Trusts
S Corporation Conversion to C Corporation
Treatment of Certain Farm Property
Alternative Depreciation System for Electing Farming Business
Section 106 is the biggest break there is in the Tax Code, even more so than Mortgage Interest.
Providing Health Insurance is a GREAT way for EmployER’s to attract and retain better, stable, dependable workers. It’s also the law for large employers (over 50 lives) to meet the mandate and for the employees to meet the individual mandate.
Internal Revenue Code Section §106 allows Employers to deduct Group Health Insurance Premiums for their employees including the owners and officers, as long as it’s a qualifying Group Health Insurance plan as a business expense. PLUS, Employees do not have to report employer paid premiums or the benefits in their gross income! Scroll down to our references section for more details.
If your employees are contributing to the premiums, their portion can also be tax deductible by using a Section §125 POP (Premium Only Plan) or a cafeteria plan.
Employees whose employers do not provide Affordable Group Coverage, might qualify for Tax Credits under Obamacare. If the employees on their own want Medical Coverage – like going to Covered CA the premiums are not deductible unless they are more that 10 % of adjusted gross income. Learn more.
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References and Technical Links
IRS More Info on Health Care Arrangements to not have a group plan but pay for employee individual plans. IRS Notice 2013-54
IRS Publication — Business Expenses #535
Tax Guide to Fringe Benefits — Publication 15-B
Internal Revenue Code Title 26 USC
Tax Facts: Employer Deduction — Password-Protected Tax Facts on Insurance — Employee Benefits goes into very detailed explanations. It can be purchased for $99 or check their website for a trial subscription.
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Child & Related Pages
The Section 106 provision is under attack 3.1.2017
Tax-advantaged Health Savings Account to pay medical expenses not covered by insurance.
- Self Employed & S Corp Health Insurance Deduction on 1040 Line 29