Estimated tax tip savings. Get a 100 percent deduction for your individual or family insurance premiums. An $18,000 deduction for family insurance provides tax savings of $7,128 for someone in the 39.6 percent tax bracket ($18,000 x 39.6 percent).

As an S corporation owner, you can deduct your insurance premiums, but only if you follow three important—but slightly strange—steps.

What happens if you don’t follow these steps? You could deduct the insurance premiums as an itemized expense—but those expenses get axed to little or zero tax benefit during the calculation of your return. Don’t suffer that fate. Just follow the simple IRS process and take your deduction in full.

More good news in the aftermath of Obamacare: The IRS allows you to take this deduction even if your S corporation does not provide your employees with the same health benefits that you receive. In other words, you still get your deduction even if the S corporation discriminates in your favor.

The best news? This is easy to do. The three-step IRS process may be counterintuitive, but it is not hard to satisfy once you ... Log in to view full article.