Tax Deduction Consulting: Self Employed Health Insurance Hockessin DE
Title: Certified Financial Planner"
Company: Morgan Stanley Smith Barney
Years Experience: 8
Captive Insurance,Life Settlements,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rol
New Castle, DE
Life Strategies, LLC
Years of Experience: 8
IARFC, FPA, SFSP
Invoice, Estate Planning, Retirement Planning, Tax Planning, Charitable Planning, Asset Protection, Compensation Plans
Heritage Advisory Services, Inc.
Years of Experience: 21
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CommOptions, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, BuySell, Compensation Plans
Company: Curry Poole Group, LLC
Investment Advisor Rep: Yes
Registered Investor: Yes
Years Experience: 42
Pension for Highly Compensated Owners,Stock Market Alternative,Reverse Mortgage,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Portfolio Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Man
Diversified Financial Consultants
Years of Experience: 34
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Asset Protection, Compensation Plans
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...