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Searching: insurance denials
Results: 157
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Message Board
Views: 1032 | Replies: 53
After waiting since 2022 when I filed, I actually just got notification regarding one of the Quarters I summitted for just last week. It was a denial letter basically stating I don't qualify since there was not a mandated government shut down for us. I assume based off of this, I will get denied
November 10, 2024
Taxes
Message Board
Views: 642 | Replies: 29
A newer practice owner here. What do you do with 1099s you receive from insurance? I scan them and keep them with my tax files. Shred the original. Never needed them for anything. Good question. Mine just end up in a shred box in the basement. My accountant has never needed or asked for them
February 01, 2024
Taxes
Message Board
Views: 95 | Replies: 6
We had some water damage in our office that came into contact with some equipment. An insurance representative came in to evaluate my office and says there is evidence of water damage on some items that still seem to function fine to me. For example, some of my computer workstations may have come
December 14, 2023
Taxes
Message Board
Views: 265 | Replies: 5
Good morning all, I know we are supposed to pay disability insurance with after tax dollars so the benefit is not taxed. Does anyone know if it's the same for life insurance? Thanks, JJ Depends...if its personal you pay personally...if required by a business loan and lender is beneficiary
December 17, 2019
Taxes
Message Board
Views: 85 | Replies: 2
I had a fire last year and lost my entire practice and all my equipment. I have bought all new equipment but my cpa is saying I cant put any of it on a depreciation schedule because I used an insurance pay out to purchase the equipment? Is that right?Also I have a big tax bill this year
April 10, 2024
Taxes
Message Board
Views: 640 | Replies: 19
Can you write off these as business expenses? I'm filing as a 1099. Far from a tax expert but I think you want to pay with post tax dollars. That way in the unfortunate event of your disability insurance kicking in you won't pay taxes? Malpractice...... Interesting. Anyone know if this is true
June 21, 2018
Taxes
Message Board
Views: 1355 | Replies: 36
...this has always been a common strategy in lieu of providing a group health plan...as of 2014, generally, this is no longer allowed (based upon how most small business approach this) and subject to some stiff penalties...check with you CPA or health insurance professional for strategies in lieu
February 02, 2017
Taxes
Message Board
Views: 281 | Replies: 2
there's been much confusion about this and many questions....if you're unclear, chat with your CPA: Guidance on Payment of 2% S Corporation Shareholder's Individual Insurance Premiums: The IRS released guidance for S corporations that pay or reimburse 2% S corporation shareholders for premiums
August 14, 2015
Taxes
Message Board
Views: 403 | Replies: 11
sharing-401k plan and possibly a cash balance DB plan. After doing these things and still have large taxable income, you had a great year. Don't do promotions you sense aren't legit such as captive insurance subsidiaries, conservation easements, and R&D tax credits. Told this by tax attorney
March 13, 2026
Taxes
Message Board
Views: 149 | Replies: 2
deleted Sch...thank you very...
February 08, 2018
Taxes
Message Board
Views: 110 | Replies: 1
Hi I'm a sole proprietor using TurboTax for 2015 tax preparation. I received checks from Dental insurance companies throughout the year. Should I categorize them as Sch C sales or Sch C other income? How about payments from dental patients? Thanks bump Are you a single member LLC? I am figuring this all should go under income...
February 01, 2016
Taxes
Message Board
Views: 734 | Replies: 14
So I've been an owner for all of 3 months now. Currently the office does not give any health insurance benefits to employees, and I just buy insurance for my family privately.My Cpa just told me as a S-corp I can't deduct those premiums if I don't offer health insurance to the office
January 04, 2023
Taxes
Message Board
Views: 100 | Replies: 3
Should the office pay the Business Reducing Term Insurance premium that covers the business loan in the case of disability? Currently it's drawn on private funds and I would like the PC with S corp designation to pay whatever it should pay. my understanding is Yes. I have a disability (overhead
April 25, 2016
Taxes
Message Board
Views: 922 | Replies: 38
that...a business entity CANNOT be an employee,... If this is even possible I would make sure that they are paying for their own malpractice insurance. I would not be okay with this happening though. I would tell them it sounds like they want to own their own practice and I would either offer for them
May 27, 2025
Taxes
Message Board
Views: 330 | Replies: 6
Should the office pay the Life Insurance premium covering the practice bank loan? Currently it's drawn on private funds and I would like the PC with S corp designation to pay whatever it should pay. Note: Only about 60% of the policy is needed to cover the loan. My spouse is the beneficiary
April 25, 2016
Taxes
Message Board
Views: 297 | Replies: 11
for CO. Insurance may also change. Talk with your insurance agent. Get a good CPA for the tax questions. I think they don't want to actually live there. Lots of larger cities have dual use areas, business downstairs and residence upstairs. Most of those actually live there. It is common in areas
June 26, 2025
Taxes
Message Board
Views: 455 | Replies: 7
I'm an associate whose self incorporated. Can I write off loss of income due to hurricane or something similar? I don't mind bending the rules a tad bit. No judgements please only if you're on the accrual basis of accounting, which I doubt....now if you have loss of income insurance for natural
September 09, 2017
Taxes
Message Board
Views: 310 | Replies: 7
, by the way. I'm reading a book by Patrick Kelly. He recommends to use Universal Life Insurance as a retirement planning tool. Any opinions on this? Book is called Tax Free Retirement. Thanks, put the book down and step away. There is almost no place in for whole / universal life insurance
July 07, 2015
Taxes
Message Board
Views: 284 | Replies: 7
in turn would result in a higher % of credit cards. I feel we actually are a high credit card practice as a lot of our insurance payments come in the form of a credit card, that we run through our credit terminal. when insurance companies report how much they paid to the IRS, do they also report how
May 04, 2017
Taxes
Message Board
Views: 314 | Replies: 9
Ok - my scenario - practice is LLC, with the option to be taxed as Sub-S. I have read this in regards to taking SE Insurance deduction on 1040 as a 2% or more shareholder (100%): More-than-2% shareholders of an S-corp are allowed to buy individual health insurance in their own name, and then get
December 29, 2018
Taxes
Message Board
Views: 151 | Replies: 5
hey guys has anyone came acrosstrust formation strategy under irs code 643(B) personal irrevocable trust for tax mitigation strategy? The way it was explained by this group is to move all your assets into irs approved trust and trust manages all expenses and such. life insurance contracts
October 14, 2022
Taxes
Message Board
Views: 445 | Replies: 5
any problems with credentialing with insurance but one company sent me back stating: Line 1: OFFICE LEGAL NAME (not my legal name) Line 2: DBA name...which I would assume that you can just use disregarded entity? So now I'm confused on part I. I'm also confused on the TIN part. According to IRS
May 02, 2017
Taxes
Message Board
Views: 68 | Replies: 3
Hi everyone! I am a pediatric dentist and my husband is an orthodontist. We are starting an office together. I will be in-network with insurances and he will stay out of network. Would it be better if we have different tax id's so that there will be less confusion for the insurance companies
October 21, 2017
Taxes
Message Board
Views: 4422 | Replies: 77
-insurance based, and are pretty complex vehicles that are difficult to judge mathematically. They offer a small life insurance component and a much larger investable component. They carry pretty sizable fees and don't break for good 10 years, but supposedly have massive benefits after that. WhiteCoat
May 09, 2019
Taxes
Message Board
Views: 150 | Replies: 8
looked at the cost, it became apparent it was cheaper to use a payroll service. Another way to do it. Steve, In Georgia, I don't believe you can exempt yourself from unemployment insurance. You can exempt yourself from worker's comp insurance, provided you have a signed corporate exemption from
August 29, 2016
Taxes
Message Board
Views: 241 | Replies: 11
to create a charitable trust, incur the annual filing fees, get a charitable deduction on one hand then pay your self taxable income and wind up in a worse tax position? Because it is technically fraud if you write off a patients portion of a balance but bill the insurance their portion or to give
February 18, 2018
Taxes
Message Board
Views: 306 | Replies: 7
filing insurance your TIN is on the insurance claim. In those cases all she (or any patient) needs is an EOB or to call their insurance company and ask for your TIN/EIN as supplied by you when you submitted those claims.EINs (aka TINs) are fairly easy to find. You don't need to worry about identity
January 12, 2017
Taxes
Message Board
Views: 188 | Replies: 11
Hopefully I can explain this without making it too confusing. I'm in NY I have an employee who was out on disability for 6 months during which she collected sick pay benefits directly from the insurance company. I pay the premiums for the coverage. There is no employee contribution. Because I
March 30, 2016
Taxes
Message Board
Views: 148 | Replies: 2
If a dentist earns a salary of $100,000 as a W-2 employee, then what would the salary have to be if the dentist was getting paid as a 1099 independent contractor to have the same take home pay? Methinks you're oversimplifying things. Any writeoffs? Insurance, License, CE, Mileage, etc? If you
December 13, 2024
Taxes
Message Board
Views: 270 | Replies: 6
Just received this email from my accountant. So now I need to tax this money I give to my employees to help with their health insurance premiums? The IRS has just issued guidance in an effort to clear up confusion over the tax treatment of health reimbursement plans. These reimbursements
July 03, 2014
Taxes
Message Board
Views: 50 | Replies: 1
in the C-corp is taxed at 21% and it can be used to pay for debt (we havenodebt to pay), disability, life insurance, malpractice, and invested. I am having a hard time understanding how we can turn the money in the c-corp into personal money without paying roughly the same tax rate. Others who do
October 07, 2019
Taxes
Message Board
Views: 133 | Replies: 3
Are they legit? I read here on DT of a firm called Xelan that got caught by IRS using whole life insurance as a vehicle to shift tax burden. For those who use them is that thier strategy? Anyone have references? bump for the Monday...From their website: These are a few of the things
November 13, 2017
Taxes
Message Board
Views: 370 | Replies: 1
as SE Health Insurance deduction, should one consider or disregard this amount when establishing your reasonable salary In other words, if one decides that a reasonable wage is $170K AND has $20K in scorp insurance reimbursements/contributions, should you pay a salary of..... $150k salary plus
January 11, 2019
Taxes
Message Board
Views: 143 | Replies: 1
Hello Everyone. I had some questions on tax prep. What kind of tax forms, papers should I be collecting to file my taxes as a new owner. We did establish an s-corp for the business and LLC for the real estate. We got some 1099s from insurance companies, how do I ensure that I have recd. all
February 16, 2014
Taxes
Message Board
Views: 61 | Replies: 5
for the year? I still haven't gotten paid for some of the later procedures and don't know if that production will count for taxes. Also- do Insurance give out summaries at the end of the year to calculate taxes? Thanks for your help! Which is it, 20 percent or 30 percent? How do you figure out which
January 11, 2020
Taxes
Message Board
Views: 774 | Replies: 12
How does leasing a car through the practice work? Is the practice liable if there is a car accident? Is commercial insurance that much more expensive? Do I create a separate LLC to have the car under? After all these expenses will I even save tax money? Better to just buy a car outright? I am
June 13, 2019
Taxes
Message Board
Views: 250 | Replies: 5
to being a 1099? I will be in Arizona.2. Is there any investment vehicle I can contribute to similar to a traditional 401k beyond an IRA (such as SEP IRA or solo 401k)?3. Does this high of a daily guarantee justify the lack of being a W-2 employee? Im not worried about health insurance since I am still
January 06, 2025
Taxes
Message Board
Views: 2192 | Replies: 56
Disability insurance, should it be paid from personal bank account or business bank account for best tax advantage and why? Thanks I pay business overhead insurance through the business. Disability I pay personally sa If I need it, it will not be taxed. What exactly did your accountant do
June 09, 2022
Taxes
Message Board
Views: 411 | Replies: 6
-all.....even with husband & wife partnerships.... Thank you Tim. As I understand its 3.8% of difference between partnership income and salary needed to maximize retirement contribution. What about health insurance premium deduction ?- practice pay 50% of single health insurance premium for employee (group policy) and we get self employed health insurance deduction -reduce our AGI .How it works with S-corp? Thank you.
September 12, 2015
Taxes
Message Board
Views: 894 | Replies: 10
Do you pay your malpractice, disability insurance etc from your business account or personal... Malpractice can be from S corp. Disability should be from personal otherwise the disability payment goes to the S corp. what i understand is that if you pay disability through s-corp, then if u get
April 23, 2017
Taxes
Message Board
Views: 151 | Replies: 3
by insurance companies are taxable. Is this where the gap in taxable/non-taxable is coming from? I currently don't have an accountant. I started my practice several months ago, and I'm getting busier. On that note, what will an accountant do for me besides reporting my gross receipts, paying my business
August 17, 2019
Taxes
Message Board
Views: 255 | Replies: 0
deductible health insurance plan. So you ask yourself what is it in for me? There are so many tax savings here it's not funny! We are going to assume you already have a high deductible health insurance plan and all you need is for your employer to set up an HSA account. For a family, your maximum
September 02, 2017
Taxes
Message Board
Views: 187 | Replies: 7
for 2017) will I be losing out on any deductions? Or is it just procedural with no net changes to the deduction?>2% owners of S-corps are taxed on fringe benefits, but the S-corp can deduct them. Therefore, if the S-corp pays for the health insurance, it reports the premiums as taxable income on your W2
August 12, 2017
Taxes
Message Board
Views: 260 | Replies: 6
was covered by insurance (prophys/x-rays). I know they do not need our Tax ID number to file their insurance but how do I explain it to them? Thanks for any advise. Nathan I know they require it for FSA reimbursement but I can't understand why they would need it for taxes...especially if they only
January 27, 2020
Taxes
Message Board
Views: 822 | Replies: 13
for my employee's medical insurance premiums was disallowed. The difference between the tax credit and a deduction must be paid to the IRS. I just thought I would share this, as my CPA's said there seems to be an upswing of audits of S-corps particularly. Interestingly, the agent initially said
December 07, 2018
Taxes
Message Board
Views: 240 | Replies: 6
to be able to receive insurance payments? If it is for you personally you are an individual or sole proprietor. I have no idea. The OM just said they need it for insurance companies?? I can't remember ever filling one of these out. My current company says I don't have a tax ID, I just use their tax
January 13, 2017
Taxes
Message Board
Views: 239 | Replies: 6
prevalent. Unless you are going totally solo (with employees), prolly wouldn't recommend s-corp as it will cost you more in administrative costs than the other types. In fact, a plain old sole proprietorship might be the way to go as long as you have adequate malpractice insurance coverage. Yes. Plan
February 28, 2017
Taxes
Message Board
Views: 263 | Replies: 6
buying insurance type products that promise some sort of income tax benefit and usually ONLY if it's a long term investment and used for specific purposes in the future....even then...you'll have years of addl costs for addl entities and when the corp taxes go back up your left holding the bag
September 19, 2019
Taxes
Message Board
Views: 119 | Replies: 0
I'm in the process of starting a practice and am needing to form my business entity so that I can get a TIN and start negotiations with insurance companies. I cannot form a PLLC until after I have received my license but I could form an LLC. From what I read on Nevada's Sec of State webpage
January 28, 2015
Taxes
Message Board
Views: 281 | Replies: 8
contributions to the boards. Loan payoff is not the main reason, but even it was, until someone is 1 million dollars in debt, it is much easier to talk about future earning potential when you aren't. Recession, economic downturn, insurance imbursement reductions, all cause more stress when servicing
November 15, 2022
Taxes
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