Guide to Tax Deductions & Medical Claims for Insurance

This week we will discuss health insurance premiums in relation to tax deductibles, the medical coding system, explanation of benefits and billing conflicts.

Are there tax deductions if you are self employed?

According to H&R Block and Intuit Turbotax, there deductions available.

Intuit Turbotax article titled Deducting Health Insurance Premiums if You’re Self-Employed and What is the self-employed health insurance deduction from H&R Block states that most self employed taxpayers can deduct h.i. premiums, including age-based premiums for long-term care coverage.

How do you know if you are eligible for self-employed h.i. deduction?
Your health insurance premiums are tax deductible if you have a net profit reported on Schedule C or F.

If you have access to participate in an employer sponsored subsidized health plan then you aren’t eligible for this deduction.

You can listen to the full episode above.