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.
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.
#1 by angelina on February 9, 2010 - 1:23 am
yes
References :
#2 by wrnbby on February 9, 2010 - 1:38 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.
References :
#3 by the tax lady on February 9, 2010 - 2:21 am
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.
References :