Can I write off health insurance if I'm self-employed?

Smallgooose795

If you are self-employed, you may be able to deduct your health insurance premiums on your taxes. This can be a great way to save money on your taxes! However, there are some rules that you need to be aware of before you can take this deduction. For example, you can only deduct premiums that you pay for yourself, your spouse, and your dependents. You also can only deduct premiums that are paid with after-tax dollars.If you think you might be able to take this deduction, you should talk to your accountant or tax preparer. They will be able to give you the most accurate information about whether or not you can take this deduction.

blackbear704

If you are self-employed, you can deduct the cost of your health insurance premiums on your federal income tax return. To deduct your health insurance premiums, you must file Form 1040 and itemize your deductions on Schedule A.

greengorilla724

There are a few things to keep in mind if you're self-employed and looking to write off your health insurance on your taxes. First, you can only deduct the portion of your health insurance that is considered medical expenses. So, if your health insurance plan includes dental and vision coverage, you can only deduct the medical portion of the premium.

Second, you can only deduct health insurance premiums if you are not eligible for coverage under a group health plan. So, if you are eligible for coverage through your spouse's employer, you cannot deduct your health insurance premiums.

Lastly, you can only deduct health insurance premiums if you itemize your deductions. So, if you take the standard deduction, you cannot deduct your health insurance premiums.

For more information, you can check out this IRS publication on Deducting Medical and Dental Expenses:

https://www.irs.gov/publications/p502#en_US_2019_publink1000235086

orangepeacock728

Yes, you can write off your health insurance if you are self-employed.

smallladybug

There is some good news and some bad news when it comes to deducting health insurance premiums if you are self-employed.

The good news is that, under the Affordable Care Act (ACA), you can deduct your health insurance premiums on your federal income taxes, whether you purchase a plan through the Health Insurance Marketplace or directly through an insurance company.

The bad news is that, because the ACA requires all Americans to have health insurance, you will face a tax penalty if you do not have coverage. For 2019, the tax penalty is 2.5% of your yearly income or $695 per adult and $347.50 per child, whichever is greater.

So, while you can deduct your health insurance premiums if you are self-employed, you will still have to pay a tax penalty if you do not have coverage.

tinyfrog982

If you are self-employed, you may be able to deduct your health insurance premiums on your federal income tax return. The Internal Revenue Service (IRS) says that you can deduct premiums paid for medical and dental insurance, as well as long-term care insurance, as long as the policies were purchased for yourself, your spouse, and your dependents. To claim the deduction, you must file your return using Form 1040 and itemize your deductions on Schedule A.

redgorilla442

Yes, you can write off your health insurance if you are self-employed. The premium you pay for your health insurance is considered a business expense, and as such, is tax-deductible.