The article presents information on a study that examined how deduction of the cost of health insurance premiums may help self-employed entrepreneurs stay in business. The study shows that the health insurance deduction for the self-employed has minimized the chances of entrepreneur shutting down ...
What can and can’t be included as a health insurance premium deduction If you’ve paid premiums or expenses with after-tax money, you may be able to deduct: Medical insurance Dental insurance Prescription medications Medicare A insurance (if you’re enrolled voluntarily and not as a Social Se...
Most self-employed taxpayers can deduct health insurance premiums, including age-based premiums for long-term care coverage. Write-offs are available whether or not you itemize, if you meet the requirements.
In this situation, the IRS rules regardingBusiness Use of Your Homewill apply. You could be allowed to deduct a part of your rent or mortgage interest as a home office deduction, in addition to insurance and certain other home-related expenses, from your business income. 5. Travel expenses ...
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...
An employer health plan provides medical insurance to employees, and often their dependents and spouses as well. Depending on the employer, the plan may include dental coverage. Health insurance deductions can either taken be pre-tax or post-tax. The employer makes the payroll deduction according ...
If you’re self-employed and you pay for your health insurance premiums, you can deduct all your health, dental, and qualified long-term care (LTC) insurance premiums. Potential Savings This is not an itemized deduction; instead, it's an adjustment to income. That means you don't have...
Some of themost important deductionsfor the self-employed include those for half of your Medicare and Social Security taxes, the home office deduction, and the health insurance premiums deduction. One particularly valuable deduction for self-employed people defers taxes on their contributions to retire...
the executive or employee could purchase the disability insurance directly and cover the premiums. Following this approach, the C-Corporation or taxable-LLC can reimburse the individual at the close of the insurance contract year for the premium cost and claim a tax deduction for that reimbursement...
1. The home office deduction 2. Self-employment tax deduction 3. Health insurance deduction (maybe) 4. Continuing education deduction 5. Mileage deduction Show More MORE LIKE THISSmall BusinessTaxes Deductions, also sometimes called tax write-offs, are eligible expenses that you can deduct on yo...