For business owners, medical coverage is certainly a hot topic.  Of course, it’s a huge concern for employees, as well.  So, it is no surprise that health care has become the centerpiece of President Obama’s platform.

However, the plan will not come into effect until a few years (and there will be some significant costs for some business owners).  But, in the meantime, you will need to be aware of the current tax laws regarding medical deductions.

Before getting started, here are some helpful resources from the IRS on the topic:

• As a business owner, can you deduct your health insurance premiums?
• What are the rules for deducting medical insurance for the self-employed?
• Should you hire your spouse so as to get better medical insurance benefits?
• How do business owners of C-Corporations deduct for medical insurance?
• What is a medical reimbursement plan?
• What is a nondiscriminatory medical reimbursement plan?
• Can you exclude certain employees from a medical reimbursement plan?
• How do you put together a medical reimbursement plan?
• What are flexible spending arrangements?
• What is a cafeteria plan?
• What is a Health Savings Account (HSA)?
• What are the contribution limits for an HSA?
• Can you invest your HSA account?
• How do you make payments with an HSA?
• So why get an HSA?
• Can you provide an HSA plan for your employees?
• What is COBRA?
• Are you required to provide medical insurance coverage to retirees?