How Do You Deduct Employee Benefits On Schedule C, Line 14?
If you are a Sole Proprietor with employees, there are numerous employee benefits that you can deduct on Schedule C. Are you aware of what those are? If not, read on and get the scoop on this type of deductible small business expense. First, let’s discuss what should not be deducted on Line 14. Note that the Schedule C description for Line 14 reads as follows: “Employee benefit programs (other than line 19).” So we go to Line 19 and read “Pension and profit-sharing plans.” In other words, do not include pension plan expenses or other employer-provided retirement plan expenses on Line 14. Now on to the good news: what kinds of expenses can you deduct on Line 14? Here’s an overview of the most common types of employee benefit plans: 1. Accident and Health Insurance Plans. Do you provide a health insurance plan for your employees? The amount of premium you pay is a deductible business expense for you and a tax-free benefit to your employees. Some employers pay 100% of the premium on behal
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