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Old 20th January 2016, 10:31 AM   #1

Join Date: Jan 2016
Posts: 1
Default Health Insurance - Can I Pay Using Company Credit Card?


I am single 37 year old and I just registered a S corp. I bought my own insurance health. NOw all this while, I used personal banking account for paying the $400. Can I use my company credit card to pay as this si what I heard always?
My CPA says no and other CPA says yes.
Thx much in advance and have a pleasant day.

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Old 20th January 2016, 02:44 PM   #2
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You can pay for it however you want. The issue is what effect that will have on your taxes.

If you use the company credit card to pay for it, then the premiums become a benefit the business is providing for you. You may have to report that amount as income and pay income taxes on it. This might be the reason your CPA is telling you not to do it.

Of course, each person's situation is different, and free advice on the Internet is worth probably a bit less than what you paid for it. It's almost certain your CPA knows more about your personal situation than anybody on this forum. I would weight the advice you receive from each source accordingly.

IMHO, your best bet is to ask your CPA to explain to you why they are saying you shouldn't use the business credit card. If you don't understand their reasoning, keep asking questions until you do understand. Then you'll be equipped to make an informed decision as to how you want to proceed.


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Whether you think you can, or that you can't, you are usually right.
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Old 17th March 2016, 11:54 PM   #3
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You can pay using company credit card but you may have to pay the income tax on it. When you have to pay for your health insurance, insurers today accept the credit card payments through the premiums.The main advantage while make payments through credit card is that your bank balance will not go down immediately.

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