I
am self employed. Operating as a LLC/Member, in the state of Michigan.
Last year I injured myself doing work for the business. I was unable to
collect Workers Comp & Unemplyment due to ownership status/LLC
structure. I required major surgical repair to my spine & the
medical bills were covered under Blue Care Network(my Wife as primary).
Now in the last 3 months of the year as I was bedridden, I paid myself
weekly as a "draw"(taxes not deducted). I had to hire an additional
employee(taxes deducted) to take care of my responsibilities. We are
barely staying open & I may lose my home.
My Question: Is there
a way I could have "Expensed" the money I used to pay my wages while I was out of work? Along the lines like sick pay-
statutory, fringe benefit-other compensation or medical/insurance
payments. Allowing me some form of decrease in taxable income. I think the UK has something like this called "Incapacity Benefit". Does the US?????
Any creative help would be welcome.
am self employed. Operating as a LLC/Member, in the state of Michigan.
Last year I injured myself doing work for the business. I was unable to
collect Workers Comp & Unemplyment due to ownership status/LLC
structure. I required major surgical repair to my spine & the
medical bills were covered under Blue Care Network(my Wife as primary).
Now in the last 3 months of the year as I was bedridden, I paid myself
weekly as a "draw"(taxes not deducted). I had to hire an additional
employee(taxes deducted) to take care of my responsibilities. We are
barely staying open & I may lose my home.
My Question: Is there
a way I could have "Expensed" the money I used to pay my wages while I was out of work? Along the lines like sick pay-
statutory, fringe benefit-other compensation or medical/insurance
payments. Allowing me some form of decrease in taxable income. I think the UK has something like this called "Incapacity Benefit". Does the US?????
Any creative help would be welcome.

