Masshealth Insurance For Business Owners?
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JensenBreck created the topic: Masshealth Insurance For Business Owners?
I apologize in advance because I do not know a better place to answer this and nobody seems to know or understand that I've spoken to..... for Masshealth - if a couple doesn't currently have income thru a w2 and steady job but one spouse owns an LLC business that is filed as schedule C on personal income tax returns - how does that affect Masshealth status? Masshealth seems to want to know a annual salary amount in signing up for the year. However, as any business owner knows, profits are uncertain and can change. So if a business is currently seeing $0 profits and not paying salary/distributions to the owner - do you claim $0 income on Masshealth forms? If the business later does much better and turns a profit do you later pay penalties or they audit your tax returns and figure what you owe in insurance or.... what?
I didn't find the right solution from the Internet.
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