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Beginning
in 2003, self-employed individuals and their families can deduct 100% of
health insurance costs on their Federal tax returns. Details include:
-
The deduction is made directly against your adjusted gross income on
your tax return.
-
The deduction cannot exceed the amount of net income from your business.
- You
cannot deduct your health insurance costs during any portion of any year that you are eligible to participate in a subsidized health plan offered by an employer or your spouse’s employer.
For more
information,
- Please
read the related IRS Forms and Publications published on the IRS website,
www.irs.gov.
- Contact
your personal tax advisor for specific information. Hokanson
Insurance is not a tax professional and this information is
not intended as tax advice.
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