A self-employed taxpayer may be eligible to deduct amounts paid for medical insurance for themselves and...
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A self-employed taxpayer may be eligible to deduct amounts paid for medical insurance for themselves and for their families. To claim this deduction, a qualifying taxpayer should: 1 Claim a nonrefundable tax credit based on the cost of the insurance. Deduct the cost of the health insurance premiums as a business expense on Schedule C. Include the costs as an adjustment to income on Schedule 1 (Form 1040), up to the amount of net business income. Only deduct the health insurance costs on Schedule A if they itemize their deductions. A self-employed taxpayer may be eligible to deduct amounts paid for medical insurance for themselves and for their families. To claim this deduction, a qualifying taxpayer should: 1 Claim a nonrefundable tax credit based on the cost of the insurance. Deduct the cost of the health insurance premiums as a business expense on Schedule C. Include the costs as an adjustment to income on Schedule 1 (Form 1040), up to the amount of net business income. Only deduct the health insurance costs on Schedule A if they itemize their deductions.
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Related Book For
Elementary Linear Algebra with Applications
ISBN: 978-0471669593
9th edition
Authors: Howard Anton, Chris Rorres
Posted Date:
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