Tax Deduction Consulting: Self Employed Health Insurance Washington DC
Title: Financial Advisor
Company: Core Advisory, LLC
Registered Investor: Yes
Florida Tech /CFP
American Intercontinetal/BA - Maga Cum Laude
Institute of Business Finance/MSFS
Years Experience: 15
Wealth Management,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Stock Market Alternative,Disability Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribu
Years of Experience: 18
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Healthcare Accounts, Compensation Plans
Frank & Darby Doe
Years of Experience: 33
Invoice, Estate Planning, Business Planning, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, Annuities
Title: LPL Wealth Planner
Company: WealthPath LLC
Investment Advisor Rep: Yes
University of Oklahoma/MHR
University of Florida/BA
Years Experience: 7
Pension for Highly Compensated Owners,Income for Life/ Preserve Principal,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Annuities,Alternative Asset Class Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planni
Integrity Financial Group, LLC
Education: B.A (Honors) Economics, St. Stephens College, DelhiAll India HS Humanities, Mayo College, Ajmer
Years of Experience: 27
IARFC, MDRT, FPA, SFSP, NAIFA
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, Medical Insurance, Group Insurance, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans
The Planning Companies
Years of Experience: 19
Invoice, Estate Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell
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...