Is Health Insurance Tax Deductible for the Self-Employed?

Are health insurance premiums tax deductible? This is a question that is asked by many self-employed individuals. The answer is not always straightforward, as there are specific rules and regulations that apply to tax deductions for health insurance. In this blog post, we will discuss the tax deductibility of health insurance premiums for the self-employed. We will also provide some tips on how to maximize your deduction!

As a self-employed individual, you are allowed to deduct your health insurance premiums on your income tax return. This deduction is available for both individual and family health insurance plans. In order to claim the deduction, you must file Form 8965 with your tax return. The amount of the deduction is based on the total amount of premiums paid during the year.

There are some limitations to the health insurance deduction for self-employed individuals. First, the deduction is only available if you are not eligible to participate in an employer-sponsored health plan. Secondly, the deduction is limited to the amount of income that is earned from self-employment. Lastly, if you are married and file a joint tax return, only one spouse can claim the deduction.

Despite these limitations, the health insurance deduction can be a valuable tax break for self-employed individuals. If you have any questions about whether or not you are eligible to claim the deduction, please consult with a tax professional.

The health insurance deduction is a valuable tax break for self-employed individuals. If you are eligible to claim the deduction, be sure to do so! And if you have any questions about your eligibility, be sure to consult with a tax professional.

Thanks for reading and please reach out to Emmanuel Lopez, health insurance professional if you would like to see your options as a sole-proprietor.