LONG-TERM CARE PREMIUMS, UNINSURED COSTS ARE NEW TAX DEDUCTIONS FOR THIS YEARJane Bryant Quinn
Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions Unemployment income reported on a 1099-G Business or 1099-NEC income (often reported by those who are self-employed, gig workers or freela...
California small business taxes can top 53%. Here are 19 valuable tax deductions for the self-employed and small business owners.
these are the sums that you arelegallyallowed to reduce from your taxable income; therefore, making the best use of the deductions available to you will free up your business funds and profits for long-term success.
You can’t claim the deduction for health insurance premiums paid for any month that you were eligible for health insurance through your or a family member's employer. The deduction also can be taken for the cost of long-term care insurance. However, the deduction is capped at an amou...
Long-term care insurance: Premiums for policies that provide extended care services. Common Mistake: Assuming this deduction applies only to employees, or not meeting the eligibility criteria. How to Avoid Missing This Deduction: Work with a tax professional to confirm your eligibility. ...
Self-employed individuals can deduct premiums for health, dental, and long-term care insurance.re premiums. 1. Disability Insurance Disability insuranceis one of the most commonly missed insurance-related deductions. This type of policy can provide supplemental income if you're unable to work due ...
If you’re self-employed, the dental, health and long-term insurance premiums that you paid for yourself, your spouse and your dependents may be tax-deductible. You may be able to claim the health insurance deduction for a child under 27 as well, even if he or sheisn’t considered a ...
When you deduct depreciation, you’re writing off the cost of a big-ticket item like a car or machinery over the useful lifetime of that item rather than deducting it all in one go for a single tax year. Businesses usually deduct depreciation for long-term business investments that are mor...
You itemize your deductions on Schedule A of Form 1040. You cangenerally deductunreimbursed medical and dental expenses, long-term care premiums, home mortgage interest, charitable donations, certain taxes, casualty and theft losses, and some gambling losses.1412 ...