14 Dec 2020 QuickBooks: S-Corp Year-End Adjustments
Attention S-Corp Owners: Now is the time to make year-end QuickBooks adjustments. Don’t forget to add medical health insurance premiums to officer’s W-2s. Check boxes 1 and 14.
S-Corp medical health premiums increase taxable wages and tax deductions. If your corporate officers elect to apply the health insurance to their wage base at the end of the calendar year, even though the company has been making premium payments throughout the year, in QuickBooks you can use paycheck to report the amount of S-Corp Medical benefits that you have paid for the year to your qualified shareholders.
Get QuickBooks tips and tricks to make important year-end adjustments.