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Tax Deduction Consulting: Self Employed Health Insurance Brigham City UT

Health insurance is a major problem and expense for self employed workers. The self employed health insurance deduction eases this somewhat. For more detailed information please read on the following article.

Mr. Gregory W. Williams (RFC®), CFP, CHFC, CLU, LUTCF, MSFS
(801) 453-2271
6340 South 3000 East, Suite 500
Salt Lake City, UT
Company
Exit Strategy Specialists, LLC
Qualifications
Years of Experience: 26
Membership
IARFC, MDRT, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Charitable Planning, Education Plan, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Gardner Tax & Accounting
(435) 656-8291
32 E 100 S, STE 202
St. George, UT
 
Robert Blake Accounting and Tax
(801) 763-8295
9626 Dorchester Drive
Cedar Hills, UT
 
H&R Block
(435) 644-2071
40 E CENTER
KANAB, UT

Data Provided by:
Lunt Gary
(435) 656-1232
435 E Tabernacle St Ste 105
St George, UT

Data Provided by:
Mr. A. Wayne Margetts (RFC®), LUTCF
(801) 532-1871
175 S Main St, Ste 1050
Salt Lake City, UT
Company
LPL
Qualifications
Education: BSc (Math)MBA
Years of Experience: 16
Membership
IARFC, MDRT, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Singleton's Tax Svc
(801) 373-6920
244 W 300 S Ste 1
Provo, UT

Data Provided by:
Gardner Tax & Accounting
(435) 656-8291
32 E 100 S
St George, UT
Hours
M-F 8 am - 5 pm

Data Provided by:
H&R Block
(801) 832-8932
2356 S FOOTHILL dr
SALT LAKE CITY, UT

Data Provided by:
H&R Block
(801) 546-3091
27 S FORT LN
LAYTON, UT

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Tax Deduction Consulting: Self Employed Health Insurance

Self Employed Health Insurance Deduction

Health insurance is a major problem and expense for self employed workers. The self employed health insurance deduction eases this somewhat.

Health insurance premiums paid by self employed workers for themselves, their spouses, and their dependents are deductible on line 29 of form 1040. Self employed workers include general partners in partnerships, limited partners receiving guaranteed payments, and even includes taxpayers who receive wages from S-Corporations when they own more than 2% of the stock.

It is possible to take 100% of the premiums paid for self employed health insurance as long as certain conditions are met. The total of the premiums can not exceed the profit of the business that actually pays for the insurance minus the deduction for self employed tax and also minus any payments made to a Keogh, SEP, or SIMPLE plan for that year. If the self employed tax payer is covered by any type of employer subsidized health insurance plan held by either himself or his spouse, they can not claim this deduction for self employed health insurance.

This restriction would apply to a single month of subsidized coverage. For example, if the tax payer is covered for one month during the year by his spouse's work insurance group plan, the self employed health insurance plan for that month can not be claimed. The other 11 months would still be eligible, however.

You can also include premiums paid for long term care, but these are subject to restrictions based on the age of the tax payer. For tax payers under the age of 41, the maximum amount of long care premiums that are tax deductible is $280. This figure rises in gradual increments to a high of $3,500 for tax payers over the age of 70.

The rising cost of health care and health care insurance has created a crisis in the United States. A dangerously high percentage of the population has no health insurance at all. This is either because their employers do not provi...

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