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Home / Blog / Tax Deductions for Health Insurance

Tax Deductions for Health Insurance

Posted Aug 15 2012 by Craig Lloyd with 0 Comments

Tax Deductions for Health InsuranceAs a self employed individual, it is often difficult for taxpayers to purchase and maintain their own health, dental, and long-term care insurance. Health insurance becomes even more expensive when you add a spouse and a dependent as well. There are some tax deductions available to help alleviate this expense for self employed individuals and their families.

 

The IRS has several requirements that must be met in order for self employed individuals to claim these tax deductions:

 

  • The taxpayer must have a net profit on Schedule C from business or Schedule F from farming
  • A partner reporting net earnings from a K-1 must show a profit for the year

 

There are also certain stipulations regarding the insurance plan, whether it is under your name or the business. If you are self employed and paying health insurance premiums, or thinking about starting your own business and would like more information on tax deductions for health insurance please contact the CLloyd Group.

Craig Lloyd - Certified Public Accountant Craig@CLloydGroup.com

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  • What is a 1031 Exchange? What is a 1031 Exchange?
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