Health Store Bargains

Jackie S asked:


We used to have individual health insurance, and I would pay for it out of my own company (an S Corp). When we got insurance through my husband’s employer, I stopped reimbursing myself.
He is paid for by the company, and then it costs extra to add myself and our child.

I was just going to deduct health insurance premiums on our Sch A, but we don’t have enough other medical expenses to meet the limit.

Is it ligit to go ahead and reimburse myself the amount that it cost for the health insurance? Then it would be a business expense. Thanks.

prizice24 asked:


I own a business (LLC) with two other people. It is only us three; we do not have any additional employees. We pay for our health insurance through our business. Based on these facts, I was wondering how much I stand to save on my personal taxes. Is this a standard write off like any other business expense or does the IRS treat health insurance differently?

Awakening2007 asked:


I’m planning to enter a fitness contest and the winner receives a total of $50,000 in prizes which includes $40,000 cash, fitness equipment, and health supplements. Do the taxes have to be paid by the winner upfront, are they taken out of the prize money, or are the taxes paid at the end of the year? I may not be able to afford to even win the contest. LOL Too funny.
I found this information on the irs.gov website which says the winner does need to pay taxes, but it doesn’t say when.

http://www.irs.gov/businesses/small/international/article/0,,id=10619
4,00.html
How can I calculate the total taxes on $50,000 worth of prizes? Does anyone know how much that would be?

Awakening2007 asked:


I’m planning to enter a fitness contest and the winner receives a total of $50,000 in prizes which includes $40,000 cash, fitness equipment, and health supplements. Do the taxes have to be paid by the winner upfront, are they taken out of the prize money, or are the taxes paid at the end of the year? I may not be able to afford to even win the contest. LOL Too funny.
I found this information on the irs.gov website which says the winner does need to pay taxes, but it doesn’t say when.

http://www.irs.gov/businesses/small/international/article/0,,id=10619
4,00.html
How can I calculate the total taxes on $50,000 worth of prizes? Does anyone know how much that would be?

kathy_is_a_nurse asked:


…I am a professional speaker on the topic? I advocate the use of these lifestyles, therapies, and products for health, wellness, and slowing the aging process. I definitely practice what I preach. I use/do everything I recommend in my speeches. I am in my mid-50s and look (and act) much younger.

I know that I am a walking promotion for my speaking business and that my appearance and behavior validates my expertise/opinions in the audience’s eyes. Therefore, I have to believe that my personal use of vitamins, supplements, and other alternative therapies should fall under the category of a business expense and be tax deductible. I am told by colleagues that this is “probably” true, but no one can give me any hard data to back up that claim.

If you agree (or disagree), can you give me the references I would need and could use if the tax deductions are ever challenged by the IRS.

Thank you for you help.