Expert Insurance Tax Consulting & Optimization
Insurance and taxes are deeply interconnected, yet navigating the tax implications of your insurance policies can be incredibly complex. At LuniTax, we specialize in helping individuals and businesses maximize tax benefits from health insurance premiums, life insurance policies, disability coverage, and business insurance expenses. Whether you're self-employed and deducting health insurance costs, structuring executive compensation with insurance products, or understanding the tax-free benefits of life insurance proceeds, our certified tax experts ensure you leverage every available tax advantage while staying fully compliant with IRS regulations.
Our insurance tax expertise covers a wide spectrum of situations. For individuals, we help you understand health insurance marketplace subsidies and premium tax credits, ensure proper reporting of employer-provided coverage, maximize self-employed health insurance deductions, and navigate the tax treatment of HSAs and FSAs. For business owners, we optimize deductions for employee health benefits, structure key person insurance policies for maximum tax efficiency, handle workers' compensation insurance reporting, and advise on the tax implications of business interruption insurance. We stay current with the constantly evolving Affordable Care Act requirements and state-specific insurance tax regulations.
What sets LuniTax apart is our proactive approach to insurance tax planning. We don't just report insurance-related transactions at tax time—we help you make strategic decisions throughout the year. Considering a high-deductible health plan with an HSA? We'll model the tax savings. Thinking about purchasing disability insurance? We'll explain the tax treatment of premiums and benefits. Evaluating life insurance as part of your estate plan? We'll show you how to structure it for optimal tax efficiency. Our team works closely with insurance brokers, financial advisors, and estate planning attorneys to ensure your insurance strategy aligns with your overall tax and financial goals.
Our Insurance Tax Strategy Process
Our comprehensive insurance tax service begins with a thorough review of all your insurance policies and related tax documents—including 1095 forms, insurance premium statements, HSA contributions, and business insurance records. We analyze your current insurance structure to identify missed deductions and tax-saving opportunities. Next, we develop customized strategies to optimize your insurance-related tax position, whether that's maximizing self-employed health insurance deductions, properly structuring group health plans, or utilizing life insurance for tax-advantaged wealth transfer. We handle all compliance requirements, including Form 8962 for premium tax credits and Form 8889 for HSA reporting, ensuring accuracy and maximizing benefits.
- Complete health insurance premium tax credit calculations and Form 8962 preparation
- Self-employed health insurance deduction optimization and documentation
- HSA and FSA contribution strategy and tax-advantaged account management
- Business insurance expense maximization and proper tax classification
- Life insurance policy structuring for estate planning and tax efficiency
Insurance Tax Services We Provide
Our insurance tax expertise encompasses every aspect of insurance-related taxation. For health insurance, we handle Marketplace subsidy reconciliation, employer mandate compliance, COBRA continuation coverage tax treatment, and Medicare premium deductions. For life insurance, we advise on cash value accumulation taxation, policy loan tax implications, 1035 exchanges for policy replacement, and beneficiary tax planning. For business insurance, we optimize group health plan deductions, handle split-dollar life insurance arrangements, manage cafeteria plan compliance, and structure executive bonus plans. We also specialize in long-term care insurance deductions, disability insurance taxation, professional liability insurance for self-employed individuals, and property and casualty insurance for rental properties. Whether you're an individual managing personal coverage or a business owner providing employee benefits, our team ensures you capture every tax advantage available.