being self-employed also comes with a few challenges, one of which is seeking outself-employed health insurancepolicies. Because those who are self-employed are not offeredindividual health insuranceoptions from their employer
Figuring out health care options is probably one of hardest things for newbies hitting the road, especially those who are younger (pre-Medicare) and self-employed. When you’re an RVer it’s not just the traveling part that makes it hard (the fact that you’re always in a different ...
The Affordable Care Act (ObamaCare) has some important implications for how the self-employed go about obtaining, maintaining, and paying for health coverage
If you’re self-employed, you may be eligible to deduct premiums that you pay for medical, dental, and qualifying long-term care insurance coverage for yourself, your spouse, and your dependents. You can't claim the health insurance premium write-off for months when either you...
How do self-employed individuals pay taxes? When you’re self-employed, taxes are not automatically taken out of your income, which means you need to pay your taxes on your own. Self-employed individuals pay quarterly estimated taxes to the IRS. As a self-employed person, you are responsibl...
1. No employer-sponsored insurance When you’re self-employed, you don’t get hold of life insurance as part of an employee advantages package deal, which many salaried individuals revel in. This lack of organization-supplied monetary protection means which you need to set up your insurance. ...
(officially known as the SECA tax for Self-Employment Contributions Act tax) is the self-employed person's version of the FICA (Federal Insurance Contributions Act) tax paid by employers and employees for Social Security and Medicare, and it's due on 92.35% of your net earnings from self-...
This is not an itemized deduction; instead, it's an adjustment to income. That means you don't have to itemize to claim it. And given the high cost of healthcare, this could be a valuable way to lower your tax bill. Calculate the deduction using the Self-Employed Health Insurance Deduc...
This is not an itemized deduction; instead, it's an adjustment to income. That means you don't have to itemize to claim it. And given the high cost of healthcare, this could be a valuable way to lower your tax bill. Calculate the deduction using the Self-Employed Health Insurance Deduc...
4. Health insurance deduction A self-employed person can generally deduct premiums paid for health insurance for his or her family. Theself-employed health insurance deductionis claimed onSchedule 1of Form 1040, not Schedule C. The insurance must be established for your business. But if you...