Deduct You Health Insurance?
Do You Need Health Insurance? Deduct It
For those that are self employed and paying their own health insurance premiums, the benefit could be in the form of a tax write off. The costs are 100 percent deductible to you. This only applies to certain scenarios such as those that are in proprietorships. There are also limits. For example, you can not deduct more than your business brings in as profits. What’s more, you can not qualify for this if you qualified for other types of health insurance coverage, say from your spouse.
What’s more, if your spouse is working for you, legitimately, then their premiums can also be deductable as can any of your children’s if in fact they are on your spouse’s policy. Do be careful with this write off because not being authentic here could cause you an audit or a lawsuit if you do not provide fair coverage to all those you work with.
This entry was posted
on Wednesday, March 3rd, 2010 at 2:00 pm and is filed under Tax Tips.
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