Aa
(I'm self employed) Is private insurance Tax deductable ?
I gotta file taxes before AUgust 15 and I can't find it on the IRS site.
Since I'm self employed I pay my own private insurance...is it tax deductable?
Can I deduct all the nasty meds I'm paying for ? :)
Since I'm self employed I pay my own private insurance...is it tax deductable?
Can I deduct all the nasty meds I'm paying for ? :)
i knew you were an accountant - but wow! its nice to know one and your mighty impressive!
michelle
michelle
You guys are the greatest.
You know I just got off the phone trying to sort out a payroll tax problem with the social security administration for a client for 2003. The problem was 68 cents!!!!!!!!!!!!!!!!!!!!68 friggin' cents! I think I am getting RIBA RAGE!
On the up side, I got the CBC results back from Friday's test, and the hemoglobin is actually higher than the week before (14.6 pretreatment, 12.4 week 2, 12.9 week 3). So maybe I was just adjusting to the treatment and not getting anemic. Platelets were up to 286 and that was higher than pretreatment.
I better go print out my 1040.....................
Kathy
You know I just got off the phone trying to sort out a payroll tax problem with the social security administration for a client for 2003. The problem was 68 cents!!!!!!!!!!!!!!!!!!!!68 friggin' cents! I think I am getting RIBA RAGE!
On the up side, I got the CBC results back from Friday's test, and the hemoglobin is actually higher than the week before (14.6 pretreatment, 12.4 week 2, 12.9 week 3). So maybe I was just adjusting to the treatment and not getting anemic. Platelets were up to 286 and that was higher than pretreatment.
I better go print out my 1040.....................
Kathy
Oops. Those of us too out of it to file in April need to renew our extensions with Form 2688 BEFORE August 15th.
Friole, you're hired!
Friole, you're hired!
The info one can find here simply astounds me. You are a special bean counter. frank
I wanted to add my thanks for your posting. If we lose our insurance, it gives us something else to try. Really...it is wonderful the things you can find out here!
Laika
Laika
califia - thanx
laika - whatever we can do to help each other get thru this mess.
I am learning every day.
Kathy
laika - whatever we can do to help each other get thru this mess.
I am learning every day.
Kathy
Oops I still have to file mine too.
Medical insurance is deductible for a self-employed person "above the line" (on pg 1 of the 1040) but there are some caveats. First, if you have employees, you must also pay their medical insurance. If you don't have a group plan and pay employee insurance, you cannot deduct yours above the line. Also, the deduction is limited to your self-employed income. For example, if your schedule C income is $4000 and your medical insurance is $6000 you can only deduct $4000 of medical insurance above the line. The rest would be deductible as an itemized deduction. If you have a loss on Schedule C, none of the medical insurance is deductible on page 1 - only on Schedule A.
All of your meds are deductible as an itemized deduction as well as doctor visits, eyeglasses, etc. However, the medical deduction is only allowable for expenses in excess of 7.5% of adjusted gross income. For example if your AGI is $50,000 only the medical expenses in excess of $3750 (50,000 x 7.5%)would be deductible. Don't forget your medical travel either - $0.14 per mile.
friole the bean counter
Medical insurance is deductible for a self-employed person "above the line" (on pg 1 of the 1040) but there are some caveats. First, if you have employees, you must also pay their medical insurance. If you don't have a group plan and pay employee insurance, you cannot deduct yours above the line. Also, the deduction is limited to your self-employed income. For example, if your schedule C income is $4000 and your medical insurance is $6000 you can only deduct $4000 of medical insurance above the line. The rest would be deductible as an itemized deduction. If you have a loss on Schedule C, none of the medical insurance is deductible on page 1 - only on Schedule A.
All of your meds are deductible as an itemized deduction as well as doctor visits, eyeglasses, etc. However, the medical deduction is only allowable for expenses in excess of 7.5% of adjusted gross income. For example if your AGI is $50,000 only the medical expenses in excess of $3750 (50,000 x 7.5%)would be deductible. Don't forget your medical travel either - $0.14 per mile.
friole the bean counter
Self employed persons can deduct 100% of health insurance in most cases. If I remember correctly, it is on the 1040 long form, so you can take the deduction even if you don't itemize deductions. I also think you can deduct health insurance for you and your family, not just yourself.
Medical expenses are deductible as an itemized deduction, but only for expenses past a certain percentage of your income.
You should verify this advice against the actual IRS instructions, or contact a tax person before doing your return.
Medical expenses are deductible as an itemized deduction, but only for expenses past a certain percentage of your income.
You should verify this advice against the actual IRS instructions, or contact a tax person before doing your return.
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