How do I deduct health insurance premiums from my taxes when I am self-employed?
Nick asked:
We are losing my wife’s health insurance and are going to be taking out a private health insurance policy. I am self-employed and think I can deduct the premiums from my taxable income.
We are losing my wife’s health insurance and are going to be taking out a private health insurance policy. I am self-employed and think I can deduct the premiums from my taxable income.
Does anyone know if that is the case? I would appreciate anyone who could point me in the right direction.
Tags: Health Insurance, Private Health Insurance, Taxable Income
April 26th, 2010 at 12:56 am
yes, next year when you file (or later in the year, if you file quarterly for business purposes) you can deduct that as part of your self employment expenses. I am self employed (but not insured) and when i just recently filed i remember seeing that as one of the deduction lines, along with other expenses.
April 26th, 2010 at 5:03 pm
If you establish the policy in the name of the business (or your name if a sole proprietor), then you can deduct the premiums on the front of the 1040, line 29.