Deducting health insurance premiums is possible in certain circumstances. In this post, we’ll unpack those situations and cover the basics, such as “What are health insurance premiums?” and “Are health insurance premiums deductible?” Plus, we’ll outline what is and isn’t deductible, along...
If you fit into this category and directly pay your own health insurance premiums, you can claim the page 1 deduction. If the partnership or LLC pays the premiums, special tax reporting rules apply to the partnership’s or LLC’s return, but you can still claim the deduction...
You can also deduct your costs for workers’ compensation insurance premiums and state unemployment insurance fund tax (if the unemployment insurance is considered a tax by your state).6 Note Costs for setting up and administering a group health plan or retirement plan for employees are ...